Today, we analyze the crypto TON, SOL (Solana), and Bonk, which are experiencing price movements slightly detached from Bitcoin and Ethereum and are worth examining.
Analysis of the crypto TON, SOL (Solana) and Bonk
One of the altcoins that is showing interesting price movements is Toncoin (TON).
In recent weeks, Telegram has announced several updates regarding TON, and thus the price of this cryptocurrency has moved, although without a clear bull or bear direction.
However, it is not enough to examine the price trend of TON in US dollars (USD), because it is also advisable to examine the price trend of Bitcoin (BTC) to detect the differences with the general trend.
In USD the price of TON went from $2.8 to over $3.7 in less than a month, from the beginning of July to the beginning of August. Then it dropped back below $3.4 yesterday.
However, these are not particularly significant levels, also because they are still lower than those at the beginning of April.
Moreover, at the beginning of the year, it was above $5.6, and during the Trump-trade, it reached a peak of over $7.2.
It should be noted, however, that TON landed on the crypto markets right during the last major bull run (the one of 2021), which it couldn’t fully take advantage of. In fact, the real bull run of TON happened last year, when it went from $2 to over $7. Therefore, it is not advisable to use the $4.9 of October as a reference value, but rather the $2 from the beginning of 2024.
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More interesting is to analyze the trend of the price in Bitcoin.
In fact, starting from the end of September 2024, this is practically in constant decline.
Due to the Trump-trade it fell from 0.089 thousandths of BTC to 0.060, then continuing the decline during 2025 down to 0.025 in mid-July. Seen this way, it might seem like a collapse, especially since it also fell well below the lows of 2024, set at 0.036.
Starting from July 15, however, a rebound began, which might still be ongoing, that brought it back up to above 0.032 thousandths of BTC, before returning to the current 0.029.
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Analysis of the price of SOL (Solana)
The trend of the price of SOL (Solana) is following a different path.
In this case, the main key to understanding is the analysis of the memecoin market.
Solana during the bull run of 2021 grew a lot, but in hindsight, we can say that it didn’t grow that much.
In 2022, however, it experienced a real collapse, both due to the implosion of the Terra/Luna crypto ecosystem and then due to the failure of FTX.
In 2023, there was a significant recovery, thanks in large part to the memecoin market. In fact, starting from that year, the memecoin market began a real shift from Ethereum to Solana, due to much lower fees, and especially the much lower costs of creating new tokens.
All this then led to a real boom of memecoins and Solana in 2024, culminating in the launch of Donald Trump’s official memecoin in January 2025.
Since then, the memecoin market has struggled, dragging down the price of SOL as well, but it is a market that will probably recover sooner or later.
In light of this, it is not surprising that in January 2025 the price of Slana reached its all-time high, at a price (294$) well above the high of 2021 (around 240$), nor that it subsequently underwent a strong correction.
Suffice it to say that with a price of about $150 in October 2024, before the Trump-trade, during 2025 it dropped to almost $100, and even now it is below $170.
Note that after hitting the low of 2025 in April, it then attempted two rebounds, the first of which was only half successful, and the second one still seems to be ongoing.
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The trend of the price of Bonk
Bonk is historically the main memecoin on Solana.
Recently, however, it has been surpassed by PENGU (Pudgy Penguins) in market capitalization, which highlights how difficult it is for a single memecoin to stay at the bull of the wave for a long time.
Bonk in fact landed on the crypto markets only in 2023, while PENGU even in December 2024.
The memecoin market indeed tends to have highs and lows, but in the end, it always seems to recover. However, this cannot be said for individual memecoins, which instead tend to have an initial period of highs, followed by very long periods of lows. To revive the memecoin market, new ones, recently born, often come into play, while the older ones tend to disappear (with the exception of Dogecoin).
Bonk recorded its all-time high in November 2024, during the full Trump-trade, but then lost 56% from those levels.
During 2025, the decline was actually much greater, with a first attempt at a rebound failing in May, and a second still ongoing. Despite this second rebound being significant in every respect, the bulk of the 2025 losses from the late 2024 highs is yet to be recovered.
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If Pengu were to succeed in definitively taking the leadership among memecoins on Solana, there is a risk that Bonk might struggle significantly to recover.
