Bonk (BONK) has risen by 61.3% in the past week as Solana meme coins have jumped to the spotlight recently amid the stellar performance of Fartcoin (FARTCOIN).
At some point, FARTCOIN threatened to dethrone Bonk as the fifth most valuable asset in this category and the second with the highest market cap in the Solana ecosystem.
However, investors reacted by pumping the price of the latter and push its market cap to $1.56 billion. As a result, BONK has solidified its position in these spots.
Trading volumes have doubled in the past 24 hours and currently stand at $493 million, accounting for nearly a third of the token’s circulating supply.
The combined value of Solana meme coins is now nearing the $11 billion mark, aided by the positive performance of TRUMP, POPCAT, FARTCOIN, BONK, and PENGU primarily.
The network has consolidated its reputation as the home of meme coins with this latest rally, possibly aided by the launch of new decentralized protocols like PumpSwap as well.
DEX volumes within the Solana blockchain have been up for five consecutive weeks now, as per data from DeFi Llama, as platforms like Raydium and Orca have amassed a significant portion of the activity that this unexpected comeback has produced.
BONK Eyes $0.00002580 as Positive Momentum Accelerates
Looking at the daily chart, we can see that BONK has found strong support for the fourth time at the $0.0000900 level.
Meanwhile, the token pushed through the 21-day EMA in the past few days with strong volumes and seems to have fully reversed its downtrend already.
BONK has also distanced itself from its point of control (POC), which is the price area where the highest trading volumes have occurred.
This is bullish and implies that market participants are ready to push the price higher to see where they find resistance from sellers.
As the macro backdrop was significantly bearish, this rally may have been aided by a short squeeze as short-sellers were likely positioned for further drops.
From $0.00002070 to $0.00002500, volumes have been very low this year. This could open up the door for bulls to push the price to those heights, which translates into a 26.8% upside potential in the near term.
Momentum indicators show a strong change in the trend as they have surged to their highest level since November last year.
The Relative Strength Index (RSI) is now nearing overbought levels, while the MACD’s histogram decelerated yesterday and may have opened up a window for late buyers to buy BONK at an affordable price if they expect that the rally will continue for the rest of the week.
The $0.2580 is the key resistance to watch ahea,d while BONK has also climbed to an area where there was a huge order block waiting. This could result in a short-term drop and could provide further buying opportunities.
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BTC Bull Token (BTCBULL) Raises More than $5 Million
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