BONK, the famous Solana meme coin, continues its positive performance. But will the BONK price be able to maintain this trend? Let’s have a look.
BONK’s price has increased by +20% in the last seven days and +9.5% since yesterday. Its current market cap is $1.72 billion, and its daily trading volume is $300 million, an increment of +100%.
The crypto market seems to be slowly recovering from this bearish June, and meme coins are also improving their performance, potentially signaling the start of a new rally. BONK could be the one leading this uptrend.
When memecoin exhaustion hits, it usually results in the first mover sending incredibly hard to kickstart a second szn (Similar to Feb PEPE move)
Higher for longer on $BONK pic.twitter.com/Atq1yQDYQn
— 💐Guru 💐 (@CoinGurruu) July 1, 2024
BONK Price Analysis: Leading Solana Meme Coin BONK Mounts Big Surge
(BONKUSDT)
BONK’s price yesterday went above the 100 MA (100 Moving Average: average price over the last 100 candles, in this case, 1-day candle), and it’s currently trading above it.
The RSI (Relative Strength Index: an indicator for speed and change of price movements) is currently above the 50 RSI zone, possibly indicating a change in trend. Also, we noticed that the RSI was right over the oversold zone (below 30) and bounced several times from it.
If BONK’s price keeps trading above the $0.000025 mark, this could be considered a bullish signal. The next important resistance level for Bonk is $0.00002943, and surpassing this level might catapult BONK even higher. It is possible that BONK will go through a consolidation phase before the next pump.
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