In the last two days, a recovery of the overall crypto market has been observed, with Bitcoin briefly exceeding $48,000. During this period, Solana-based meme coin BONK It gained more than 30%, supported by a significant increase in trading volumes.
However, it seems quite likely that Bonk’s price rise will end soon. Since January, meme coin Its price fluctuates within a certain range after profit realizations in Solana and a series of technical outages. Although the price recently recovered from a strong support level at $0.0000098, it gained momentum on a massive trading volume increase.
For the first time since December, BONK price made a significant break above a long-standing downtrend channel. This has attracted the attention of some well-known traders who are looking for a potential rise in its value. Moreover; Investors are also in a positive trend due to various other factors.
Technical indicators such as Bollinger Bands and RSI, which are used as investment tools, also give signals supporting the upward trend. However, investors’ efforts to realize earnings indicate that the rally will not last long.
Investors’ realization of gains in BONK and 1000BONK led to the liquidation of many long positions following the large short position closures that occurred after the general market recovery. This is an indication that there may be a correction or trend change in the meme coin price.
Currently, BONK is trading at $0.0000128 and appears to be giving back some early gains. In the last 24 hours, trading volume has increased by 330%, reflecting investor interest in this coin.
Other important developments behind the latest rally include Armada’s awards announcement. Accordingly, Bonk holders will be able to earn rewards from community-developed Ecosystem products such as BonkBot, SVB and BONKswap. “The success of participating BONK Ecosystem Products means more rewards to users who lock their BONK and increased rewards from the pool to users who choose to lock them for longer!” With this statement, Bonk offers more incentives to its users.
As Koinfinans.com reported, among the latest additions, new developments such as BONKsquares and Bonk Art also attract attention for the meme coin. As of today, the market value of meme coin has exceeded $850 million.
