As the crypto market jousts with strong selling pressure, Bonk has fared worse for wear, retracing by 7% today.

However, analysts are bullish on Sealana, a newly launched Solana presale which has recently surpassed the $250K total raised mark.

BONK Price Dips But Analysts Remain Optimistic On Longer-Term Outlook

Despite Bonk struggling today, traders anticipate that its higher time frame trajectory remains bullish.

Bonk is currently trading at $0.00002507, down 7% today, up 2.9% this week, and 8% this month.

It holds a $1.6 billion market cap and a $335 million 24-hour trading volume.

Trader Koz provided a higher time frame analysis of Bonk’s price action, illustrating that it recently reclaimed a key support/resistance level, laying the way for further upside.

The analyst described Bonk as having “One of the best-looking charts out there.”

Meanwhile, WebTrend Analytics speculates that Solana’s second-largest meme could be gearing up for a move toward $0.00005 in the coming weeks.

“BONK’s 4-hour chart exactly mirrors the previous local blow-off top. This is the craziest repeated pattern we have ever seen.“

They continued, “RSI, WSI, and price action are all exact matches. Compared to previous price action, it suggests we are moments away from another blow-off top.”

Meanwhile, commentator Gnarleyquinn expects Bonk to outperform Solana’s leading meme coin, Dogwifhat, looking ahead.

“WIF is the only Solana-based meme coin that has consistently outperformed BONK in 2024. I’m wondering if we’ve now seen the peak pair trade level. The top coincided with the Vegas Sphere,” the analyst wrote.

Granleyquinn then noted, “My thesis has always been that $BONK will outperform all in the long run.”

That said, other traders are exercising more caution in their Bonk predictions. While CryptoChed agrees that Bonk retains upside potential, he also underlines the significance of its price structure, noting that a retracement toward its range low of $0.000021 would be bearish.

“Bonk has been strong off the lows and is at local range high. A shallow pullback or breakout is preferable from here. However, retracing back to the range low would be a tough look,” the analyst explained.

Nevertheless, the broader Solana ecosystem continues to show strength today, and analysts tip Sealana as the next project that could explode.

New SOL Meme Coin to Watch: Can Sealana Continue After Raising $250K at Presale?

Sealana, a hilarious seal-themed meme coin inspired by the foul-mouthed cartoon South Park, has entered the market with a bang.

It is currently undergoing a presale and has raised over $250K in its opening days. This has caught the attention of leading market analysts and tier-one media outlets.

In a recent YouTube video, ClayBro speculated Sealana holds 10x potential and that it is “the latest Solana meme coin set to rally.”

However, ClayBro is not the only high-profile figure praising the new presale sensation. Despite its early stage, media juggernauts like Watcher Guru, Coinpedia, and CoinGape have all featured the project.

While its playful memetic allure has undoubtedly struck a chord with market participants, rumors that the Slerf team launched Sealana are another reason for its early success.

Slerf peaked at over a $450 million market cap in March and even eclipsed Ethereum in on-chain trading volume. As such, it would be overwhelmingly bullish if the whispers prove true.

Sealana swapped out his sea-dwelling lifestyle to pursue meme coin riches, driven by dreams of Lambos and outrageous gains.

The Sealana presale is ongoing, but the team has not announced a predetermined hard cap. This means that potential buyers must act quickly to avoid missing out.

Visit Sealana Presale

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While the effects of the fourth halving slowly set in, Bitcoin miners appear to be selling less and holding onto more BTC after the recent block reward reduction.

In fact, Bitcoin is currently seeing the longest-ever miner consolidation and accumulation period since it hit $16K.

BTC Miner Accumulation Continues

According to the latest analysis by CryptoQuant, the Miner Position Index (MPI) and Puell Multiple, which track miner selling activity and profitability, respectively, are indicating a significant reduction in miner sell pressure post-halving, with 14 consecutive days of consolidation and accumulation.

Simultaneously, miners are experiencing their lowest revenue levels in a year. This trend suggests that they are holding onto their BTC in anticipation of higher prices before selling.

As spot Bitcoin ETF flows increase and the likelihood of a rate cut in Q4 rises, miners are likely accumulating in preparation for a profitable sell-off in the coming months.

The halving slashed mining rewards from 6.25 BTC to 3.125 BTC. Initially, excitement around the event and the launch of Bitcoin Runes kept miners’ earnings up, but this changed in May as revenue dropped significantly.

Data compiled from Blockchain.com suggest that the total revenue from block rewards and fees hit a new low of $26.3 million on May 1. Before the halving, miners made around $6 million per day on average.

Prominent Bitcoin miner Hut 8 reported a 35% drop in proprietary production for April. Other public mining companies such as Bitfarms, Cipher, CleanSpark, Core Scientific, Riot, and Terawulf also witnessed production declines of between 6% and 12% for the same period.

Bitcoin Network Sees Surge in Usage

Meanwhile, CryptoQuant CEO Ki Young Ju highlighted a significant shift in miners’ income streams due to the development of applications on the Bitcoin network. As per the exec’s findings, transaction fees now contribute over 7% to miners’ total revenue, a stark increase from just 1% two years ago.

Building apps on #Bitcoin has significantly changed miners’ income streams.

Transaction fees now account for over 7% of their total revenue, up from 1% two years ago.

This trend has persisted for the last four weeks and could potentially strengthen the network’s fundamentals. pic.twitter.com/YVbdmLXB5c

— Ki Young Ju (@ki_young_ju) May 7, 2024

This change has been consistent over the past four weeks and therefore could potentially reinforce the network’s fundamentals. Additionally, on May 6, a total of 458,000 OP RETURN codes were used, suggesting a growing utilization of the Bitcoin network for purposes beyond basic transactions, essentially indicating a broader adoption.

Robinhood Markets Inc. has become the next crypto trading platform to receive a threat of legal action from the Securities and Exchange Commission (SEC), adding to the sizable list of industry giants on the agency’s hit list.

In a Form 8-K filed on Saturday, the company said it received a Wells Notice from the SEC on May 4.

Allegations Against Robinhood

Specifically, SEC staff disclosed that they’d reached a “preliminary determination” to recommend the agency to file a lawsuit “alleging violations of Sections 15(a) and 17A of the Securities Exchange Act of 1934.”

Per the SEC’s website, Section 15(a) makes it unlawful for broker-dealers to effect or induce the purchase or sale of securities unless that broker is registered with the SEC. Meanwhile, Section 17A pertains to defrauding customers of their money through material misstatements or omissions.

Remedies may include “an injunction, a cease-and-desist order, disgorgement, pre-judgment interest, civil money penalties, and censure, revocation, and limitations on activities,” the filing stated.

Robinhood wrote on Monday that it was “disappointed” with the SEC’s decision after “years of good faith attempts” to comply and register.

“We firmly believe that the assets listed on our platform are not securities and we look forward to engaging with the SEC to make clear just how weak any case against Robinhood Crypto would be on both the facts and the law,” said Dan Gallagher, Chief Legal, Compliance and Corporate Affairs Officer of Robinhood.

Robinhood’s stock, HOOD, remained relatively unaffected on Monday, trading 1.14% above Friday’s close at $18.16.

The SEC’s Next Crypto Target

Robinhood first received an investigative subpoena from the SEC in February 2023 related to its crypto operations.

In June, the exchange delisted popular crypto assets including Cardano (ADA), Solana (SOL) and Polygon (MATIC) from its platform after the SEC pressed similar charges against Binance and Coinbase asserting that those assets were unregistered securities.

Kraken was also charged for listing securities on its platform in November, despite electing to pay a $30 million fine for alleged securities violations related to its staking service earlier that year.

This time, Kraken and others have chosen to fight back against the SEC in court, joining a chorus of other firms claiming the digital assets on their platforms do not qualify as investment contracts.

Beyond centralized trading platforms, the SEC also threatened to sue decentralized exchange developer Uniswap Labs in April and is now battling Ethereum infrastructure provider Consensys over Ether (ETH)’s status as a security.

“It seems like they’re abusing the Wells process as a scare tactic now,” wrote Jake Chervinsky, Chief Legal Officer at crypto VC firm Variant Fund, to Twitter on Monday.

“The SEC allocates a grossly disproportionate amount of its resources to crypto, given that its actual purpose is to regulate equity and debt markets,” he added. “Every minute and taxpayer dollar spent on crypto is one not spent on the real mission that Congress created the SEC to pursue.”