Solana based meme coin bonk The week was up over 60%. According to CoinGecko data, this resulted in it being ranked as the leading meme asset that gained the most during that period.
The period under review was marked by the increase in BONK’s daily trading volume. The benchmark rose to a one-month high of $697.3 million on April 24, according to data from Santiment.
This figure represents an 87% increase compared to the $372 million transaction volume recorded the previous day.
Bulls Pushing Bears
There has been a significant shift in market sentiment from bearish to bullish in the past week. The first observed indicator of this was the change in BONK’s Weighted Sentiment.
Data from Santiment showed that the value of this metric changed from negative to positive on April 23, indicating a decline in the downward trend.
meme coinOn the price chart of , readings from key indicators confirmed the re-emergence of BONK bulls. For example, on April 21, meme coin’s MACD line (blue) broke above the signal line.
This upward crossover is generally considered a bullish signal. It indicates that the market momentum of an asset has changed in a positive direction. Additionally, it indicates that it is ready to record a price rally.
Market participants interpret this crossover as a potential buying opportunity or a signal to enter a long position.
However, readings from BONK’s MACD indicate that a bullish crossover has occurred. On the other hand, at the time of writing, this remained below the zero line.
This showed that the downward trend in the market continued, but was not strong enough to cause a decline.
Will BONK Continue to Rise?
The Parabolic SAR indicator is used to identify potential trend direction and reversals. When dotted lines are placed below the price of an asset, the market is said to be in an uptrend. In this context, it indicates that the price of the asset has increased and may continue to increase.
altcoinRegarding demand for , key momentum indicators are hovering above their respective center lines at the time of writing. While the Relative Strength Index was 56.04, the Money Flow Index (MFI) was 68.64.
These values showed that market participants preferred BONK accumulation over sales.
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