Solana-Based Meme Coin Bonk Price Surge 8%, But Can the Bulls Hold?

Bonk Price Surge to Top Gainer Status, Market Cap Hits $1.76B as Trading Volume Soars

After a recent price spike, Bonk, a Solana-based meme coin, has emerged as the top gainer among the 100 biggest cryptocurrency assets in the last day. Rekindled hope in the market has propelled its most recent comeback. However, after yesterday’s spectacular 8% rally, selling pressure has returned, and the bulls now face strong resistance at critical levels.

• At the time of publication, BONK is trading at $0.00002375, up 4.03% over the previous day.
• With a market cap of $1.76 billion, its daily trading volume has also increased by 28.10%, indicating renewed market interest.

Bonk’s Technical Patterns Indicate Possible Rally: Will Bulls Overcome $0.00002522?

As the altcoin experiences higher lows, the daily chart displays a well-formed rounded bottom pattern that suggests a possible trend reversal. If Bonk is able to overcome its present resistance, this pattern indicates that it may break out. The 23.6% Fibonacci retracement level at $0.00002379 remains immediate resistance despite the recent advance above it. The next major obstacle is at the previous local high of $0.00002522, which bulls must firmly overcome.

A 4% decline this morning, however, indicates that a gloomy mood is beginning to set in. Additionally, possible overbought circumstances are indicated by the Williams %R, which is currently at -23.84. Though there is still potential for more increases, the RSI at 59.86 indicates that retracements are still possible. As for BONK’s next possible targets, market researcher Astekz recently pointed them out. He claims that the meme coin encounters resistance at $0.00002470. $0.00004804 and $0.00007140 could be the next objectives if the bulls are able to break above this.

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