- The price of Bonk (BONK) has advanced by 7400% in the last 1 year.
- A huge surge in the trading volume of the crypto was recorded in the last 24 hours.
An X post from @DegenrateNews mentioned that Bonk coin has become the largest meme-coin on the Solana ecosystem with a market cap of $1.8 Billion at press time.
BREAKING: $BONK (@bonk_inu) FLIPS $WIF (@dogwifcoin) IN MARKET CAP TO BECOME THE LARGEST MEMECOIN ON SOLANA pic.twitter.com/KFyoRhAgKJ
— DEGEN NEWS (@DegenerateNews) July 9, 2024
The BONK chart displayed strong buying in recent days, leading to a bump in market cap. This made it the 45th largest crypto in the global crypto market.
The value of the traded volume for BONK also rose by 155% over the last 24 hours till press time. This was followed by a surge in price.
Traded volume for the coin in the last 24 hours is $560.046 Million which is good liquidity, while the volume/market cap ratio stood at 29.92%.
Derivatives Data Outlook of BONK Coin
A strong interest of traders and investors can be seen in the derivatives of the crypto too. This is because the volume of the derivatives has witnessed a surge of 145% in just the last 24 hours till press time.
BONK Crypto Derivatives Liquidation Chart | Source: Coinglass
BONK’s open interest is at an all-time low. However, in the micro timeframe, it has started to surge. Also, in the last 24 hours, it has advanced by 36%.
Moreover, a larger number of shorts were liquidated in the last 24 hours resulting in a value of $301.49K. Against this, the longs liquidated for the crypto are worth $260.91K which shows bulls’ dominance over the price.
BONK Coin Technical Analysis
The price of the crypto has sustained above a dynamic trendline by taking support at the same multiple times for more than the last five months.
BONK Crypto Daily Price Chart | Source: Tradingview
A double top on the higher levels can be seen on the chart which led the price of the BONK coin to the lower levels. Further, the price declined to the dynamic trendline and took support at the same.
After taking rejections from the dynamic trendline, the coin is under buying pressure, which has led to the formation of a bullish candlestick pattern on the chart.
There is resistance at $0.00002750 and if BONK breaks and sustains above it, a surge in the price might be witnessed.
BONK/USD Chart by TradingView
BONK is headed towards the downtrend ATR of the supertend. If the following level is taken out, an uptrend might follow.
The coin has broken above the 20-day and the 50-day EMAs on the daily chart, despite this, a death cross can be seen on the chart. If the price continues to sustain above the EMAs, we might get to see a golden cross in the future.
The MACD and the signal line are trading in a golden cross while the following metrics are trading in a negative trajectory. The histograms on the MACD indicator also support a bullish sentiment in price.
The RSI had risen to 55.78 at press time followed by the breakout above the 14-day SMA. This shows a surge in the positive momentum of the price.
Summary
BONK has surged by 7400% over the past year, becoming the largest meme-coin on the Solana ecosystem with a market cap of $1.8 Billion.
Strong buying pressure and increased trading volume suggest rising demand. If the price breaks resistance, further gains might be seen. However, technical indicators show mixed signals.
The support levels for BONK are $0.00001320 and $0.00001800. If the crypto continues to advance, it might face resistance at $0.00004240 and $0.0000550.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
