Solana (SOL) has reached a brand new 22-month high, demonstrating a outstanding 28% uptrend over the previous month. Nevertheless, the Solana-based meme coin, Bonk Inu (BONK), has captured traders’ consideration with its explosive efficiency final month.
Bonk Inu Outperforms PEPE
In response to CoinGecko information, BONK has achieved a staggering 102% value uptrend within the final 7 days and a formidable 103% enhance prior to now month, reaching a trading value of $0.00002510 and attaining a 3-month high.
As well as, the meme coin has skilled important development in market capitalization, reaching $1.6 billion and surpassing famend tokens equivalent to Pepe Coin (PEPE) to safe the 66th place amongst all cryptocurrencies, highlighting the rising curiosity in BONK because the cryptocurrency market experiences a resurgence of bullish sentiment fueled by Bitcoin’s (BTC) value uptrend.
BONK’s market cap enhance. Supply: CoinGecko
Accumulating information from blockchain firm Lookonchain exhibits the rising curiosity in Bonk Inu. Along with the 50% enhance in a single day, one pockets reportedly gathered 98 billion BONK ($1.54 million) from the centralized crypto change (CEX) Binance simply earlier than the worth enhance.
In response to Lookonchain, the SmartMoney pockets at the moment holds 319.44 billion BONK tokens value roughly $7 million, having fun with a revenue of $2.9 million, which may have additional contributed to the worth surge prior to now 24 hours.
As of the newest replace, the trading quantity of Bonk Inu stands at $794,842,219 within the final 24 hours, demonstrating a considerable 74.30% enhance in comparison with the earlier day. This surge in trading quantity signifies a latest rise in market exercise surrounding the meme coin, reflecting rising investor participation and a spotlight.
Potential Pullback Forward?
Because the token enjoys certainly one of its finest trading months since its launch, crypto analyst Altcoin Sherpa expressed constructive sentiment in direction of Bonk Inu, highlighting its potential for additional development.
Altcoin Sherpa said that Bonk Inu seems to be promising resulting from its relative underperformance in comparison with different meme cash, coupled with a notable uptrend sample. The analyst wouldn’t be shocked to see Bonk Inu goal earlier highs and make additional good points, though he prompt {that a} potential pullback might happen.
Because the analyst suggests, the $0.00001940 value level might function an important help level for the BONK token within the occasion of a possible pullback or value correction. This level is critical as it will assist preserve the present uptrend sample noticed on its every day chart.
The every day chart exhibits BONK’s value uptrend. Supply: BONKUSD on TradingView.com
Nevertheless, suppose this help level fails to carry. In that case, it’s attainable that BONK may see an extra value decline in direction of the $0.00001500 level, which acts as the final word help earlier than a possible drop to the $0.00001350 mark, key for the token’s prospects because it represents the final line of protection to stop a completely fashioned downtrend within the cryptocurrency’s efficiency.
Alternatively, when analyzing the BONK/USD 1-W chart, you will need to be aware that there aren’t any outstanding resistance ranges. The chart above exhibits skinny strains generally known as “wicks” above the candlesticks of the token since its launch on December fifteenth.
This means that no important obstacles forestall the token from reaching its all-time high of $0.0005487. The power to keep up its present uptrend or probably expertise renewed bullish sentiment after a pullback will decide whether or not BONK can surpass this earlier high.
Featured picture from Shutterstock, chart from TradingView.com
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