Solana (SOL) has reached a brand new 22-month excessive, demonstrating a exceptional 28% uptrend over the previous month. Nonetheless, the Solana-based meme coin, Bonk Inu (BONK), has captured traders’ consideration with its explosive efficiency final month.
Bonk Inu Outperforms PEPE
In keeping with CoinGecko knowledge, BONK has achieved a staggering 102% worth uptrend within the final 7 days and a powerful 103% enhance prior 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 important progress in market capitalization, reaching $1.6 billion and surpassing famend tokens resembling 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 knowledge from blockchain firm Lookonchain exhibits the rising curiosity in Bonk Inu. Along with the 50% enhance in a single day, one pockets reportedly collected 98 billion BONK ($1.54 million) from the centralized crypto trade (CEX) Binance simply earlier than the value enhance.
In keeping with Lookonchain, the SmartMoney pockets at the moment 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 value surge prior to now 24 hours.
As of the most recent 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 the day prior to this. This surge in buying and selling quantity signifies a current rise in market exercise surrounding the meme coin, reflecting rising investor participation and a focus.
Potential Pullback Forward?
Because the token enjoys one among its greatest buying and selling months since its launch, crypto analyst Altcoin Sherpa expressed constructive sentiment in the direction of Bonk Inu, highlighting its potential for additional progress.
Altcoin Sherpa acknowledged that Bonk Inu seems to be promising on account 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 good points, though he advised {that a} potential pullback could happen.
Because the analyst suggests, the $0.00001940 worth degree could function an important help degree for the BONK token within the occasion of a possible pullback or worth correction. This degree is critical as it might assist preserve the present uptrend sample noticed on its every day chart.
Nonetheless, suppose this help degree fails to carry. In that case, it’s doable that BONK may see an additional worth decline in the direction of the $0.00001500 degree, which acts as the last 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 forestall a completely shaped downtrend within the cryptocurrency’s efficiency.
Then again, when analyzing the BONK/USD 1-W chart, you will need to word that there are not any distinguished resistance ranges. The chart above exhibits skinny strains referred to as “wicks” above the candlesticks of the token since its launch on December fifteenth.
This implies that no important obstacles forestall the token from reaching its all-time excessive of $0.0005487. The flexibility to take care of its present uptrend or doubtlessly 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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