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 response to CoinGecko knowledge, 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 development 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 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 might have additional contributed to the value surge up 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 past. This surge in buying and selling quantity signifies a current rise in market exercise surrounding the meme coin, reflecting rising investor participation and a spotlight.
Potential Pullback Forward?
Because the token enjoys one in every of its greatest buying and selling months since its launch, crypto analyst Altcoin Sherpa expressed optimistic sentiment in direction of Bonk Inu, highlighting its potential for additional development.
Altcoin Sherpa said that Bonk Inu appears to be like promising because of its relative underperformance in comparison with different meme cash, coupled with a notable uptrend sample. The analyst wouldn’t be stunned to see Bonk Inu goal earlier highs and make additional positive aspects, though he instructed {that a} potential pullback might happen.
Because the analyst suggests, the $0.00001940 worth stage might function an important help stage for the BONK token within the occasion of a possible pullback or worth correction. This stage is important as it could assist preserve the present uptrend sample noticed on its every day chart.
Nevertheless, suppose this help stage fails to carry. In that case, it’s potential that BONK might see an extra worth decline in direction of the $0.00001500 stage, 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 observe that there aren’t any distinguished resistance ranges. The chart above exhibits skinny traces generally known as “wicks” above the candlesticks of the token since its launch on December fifteenth.
This implies that no vital 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
