The price of some digital assets has reached record highs due to the recent growth of the bitcoin market. The unprecedented boom in the cryptocurrency market has not only been good for decentralized protocol tokens, but also for meme coins like Bonk Inu (BONK). Today marked a new high for the token as its price rose more than 200% in the weekly time frame.
Solana’s meme coin Bonk has been on a massive bull run for quite some time, with a price increase of over 7,000%, indicating the strengthening of the Solana ecosystem.
BONK Spikes: A Notable Cryptocurrency
In November, there was a sharp increase in the value of BONK by 1,000, making it one of the most profitable assets in the cryptocurrency market to date. The general uptrend in the cryptocurrency market in the first part of the month is partly the reason for this growth.
Source: TradingView / BONKUSDT
The BONK Prize has consistently produced large bullish candles since the breakout of the bearish trend it has been in since the beginning of the year. The majority of meme currencies are not moving very much, but BONK is experiencing high trading frequencies that are causing many bull runs.
Even though there was a slight price decline, the overwhelming dominance of the bulls kept the price above gains. Considering that volume has now turned in its favor, the uptrend should continue until the end of the month.
Based on the technical indications, there are no signs that the bullish momentum will slow down anytime soon. Currently, BONK is experiencing a strong positive trend, with its price reaching an exponential high of $0.0000152. Interestingly, the previous high at $0.0000100 has become a support level.
BONKUSD currently trading at $0.00001360 territory on the daily chart: TradingView.com
The 89th position on the Relative Strength Index (RSI) indicates an overbought zone. Expanded green histograms on the Moving Average Convergence Divergence (MACD) indicate a strong bullish trend.
BONK’s ascent faces resistance challenges
BONK will encounter early resistance near its new all-time high at $0.0000133299 if the price continues to rise. Above that, the extended Fib -0.236 level at $0.0000156963 and Fib -0.382 at $0.0000171293 are targets for higher moves. The volume is still high, indicating that people are still interested in BONK as it rises.
BONK seven-day price action. Source: Coingecko
Meanwhile, some lucky participants in the Solana ecosystem will benefit immensely from the skyrocketing price of the meme coin. Solana gave away $10 worth of BONK tokens when it released its Saga smartphone in April. Those tokens are now worth more than $11,500, as BONK has since gained more than 1,000 times its price.
For those still holding on to their BONK airdrops, this has already been a transformative experience. Even in the wildest meme coin theories, gains of over a thousand percent are practically unheard of.
Furthermore, given the continued growth of the cryptocurrency industry in general, it is possible that Solana and the meme coin community will continue to surprise us in the future given the continued enthusiasm and risk-taking.
(The content of this site should not be construed as investment advice. Investing involves risks. When you invest, your capital is subject to risk).
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