Solana (SOL) has reached a brand new 22-month excessive, demonstrating a exceptional 28% uptrend over the previous month. Nevertheless, the Solana-based meme coin, Bonk Inu (BONK), has captured buyers’ consideration with its explosive efficiency final month.
Bonk Inu Outperforms PEPE
In keeping with CoinGecko data, BONK has achieved a staggering 102% worth uptrend within the final 7 days and a powerful 103% enhance up to now month, reaching a buying and selling worth of $0.00002510 and attaining a 3-month excessive.
As well as, the meme coin has skilled vital progress in market capitalization, reaching $1.6 billion and surpassing famend tokens reminiscent of 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) worth uptrend.
Accumulating data from blockchain firm Lookonchain reveals the rising curiosity in Bonk Inu. Along with the 50% enhance in a single day, one pockets reportedly amassed 98 billion BONK ($1.54 million) from the centralized crypto trade (CEX) Binance simply earlier than the worth enhance.
In keeping with Lookonchain, the SmartMoney pockets at present holds 319.44 billion BONK tokens price roughly $7 million, having fun with a revenue of $2.9 million, which may have additional contributed to the worth surge up to now 24 hours.
As of the newest replace, the buying and selling quantity of Bonk Inu stands at $794,842,219 within the final 24 hours, demonstrating a considerable 74.30% enhance in comparison with yesterday. This surge in trading volume signifies a latest rise in market exercise surrounding the meme coin, reflecting rising investor participation and a focus.
Potential Pullback Forward?
Because the token enjoys certainly one of its finest buying and selling months since its launch, crypto analyst Altcoin Sherpa expressed optimistic sentiment in the direction of Bonk Inu, highlighting its potential for additional progress.
Altcoin Sherpa said that Bonk Inu seems promising as a consequence of 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 positive aspects, though he advised {that a} potential pullback could happen.
Because the analyst suggests, the $0.00001940 worth degree could function an important assist degree for the BONK token within the occasion of a possible pullback or worth correction. This degree is critical as it will assist keep the present uptrend sample noticed on its day by day chart.
Nevertheless, suppose this assist degree fails to carry. In that case, it’s potential that BONK may see an extra worth decline in the direction of the $0.00001500 degree, which acts as the last word assist 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 shaped downtrend within the cryptocurrency’s efficiency.
Alternatively, when analyzing the BONK/USD 1-W chart, you will need to notice that there are not any outstanding resistance ranges. The chart above reveals skinny strains often called “wicks” above the candlesticks of the token since its launch on December fifteenth.
This means that no vital obstacles forestall the token from reaching its all-time excessive of $0.0005487. The flexibility 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 excessive.
Featured picture from Shutterstock, chart from TradingView.com
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