Bonk (BONK), which has shown a remarkable performance in the cryptocurrency market in recent days, has attracted the attention of crypto investors by increasing its value by more than 200% tremendously in the past week. It was observed that this impressive rise was influenced by the strong bull run initiated by Solana (SOL). Details are in our news…
Koinfinans.com As we reported, Solana, referred to as the “Ethereum killer”, showed a remarkable performance with an annual increase of more than 220%. Thanks to this rise, the altcoin rose above $ 54 for the first time since May 20, 2022.
BONK is the first dog-themed meme coin created “for the people, by the people” on the Solana blockchain, according to the official website.
Santiment’s market analysis shows that mentions of Solana are increasing. This increase suggests that Bonk is benefiting from SOL’s overall compelling performance and rising popularity. This supports Bonk’s launch by increasing demand in the crypto community.
BONK technical analysis
In technical analysis, it is noticeable that Bonk has formed a golden cross on the daily chart, which is a positive bullish formation.
The golden cross is considered a strong technical signal indicating that the current downtrend may reverse. A golden cross is a formation that results from the intersection of two important moving averages (usually the 50-day and 200-day moving average). This means that the cryptocurrency may break out of the current downtrend and start to rise. The golden cross provides investors with a sense of confidence about potential future increases.
BONK started to rise after reaching a low of $0.000000178 on October 20. BONK had experienced price stagnation for weeks before this period.
Following the completion of the golden cross formation on November 9, meme coin skyrocketed, recording a value increase of over 100% in just a few days. This breakout reflects technical analysis as well as investors’ and traders’ confidence in Bonk.
With this rise, BONK rose to $0.00000293 on November 10, when the bulls encountered resistance.
BONK is currently trading at $0.000002197 at the time of writing, as investors are taking profits. However, it has increased by more than 200% in the last seven days.
You can follow the current price movement here.