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- BONK token price experienced an increase of 3.88% intraday.
- Moving averages indicate a strong positive signal in the current phase.
- The trading volume has increased by 5.90% in the last 24 hours.
Launched on December 25, 2022, Bonk (BONK) is a meme coin on the Solana network. The meme coin’s aim is to boost liquidity on the Solana-based decentralized exchanges (DEXs). Bonk has grown by over 2,000% in a week after being listed across popular exchanges on December 30, 2022. The project now has over 350 Onchain integrations across many verticals.
The Year-to-date Returns Of The BONK Reaches 111.52%
Bonk price has experienced a noticeable positive change from the $0.0000092 support on January 8, 2024. The price surged over 90% from that level in the three-day timeframe. This change intrigued many crypto traders in that specific zone.
They started jumping on the $0.0000110 bullish point of interest (POI), which resulted in a massive upsurge of over 320% to the $0.0000476 resistance. During that impulsive rally, the price broke through a key resistance of $0.0000176.
Consequently, that key resistance is supporting the current bullish rally after the profit booking from the $0.0000476 supply. However, the supply zone at the $0.0000341 level could trigger a price fall.
Supply and Distribution of the BONK token
The token has been distributed in the following ways;
- 5% to Team Development.
- 5% to Marketing.
- 5% to Initial Liquidity.
- 15% to the Bonk DAO.
- 20% to Early contributors.
- 20% to 40 Solana NFT collections (297K individual NFTs).
- 15% to Early OpenBook traders.
- 10% to Solana collectors and artists.
- 5% to Solana developers.
The fully diluted valuation of the project is assumed to be $2.62 Billion. The meme coin has a maximum supply of nearly 100 trillion coins. Bonk has released 69.70% of tokens from the maximum supply, which holds a current market capitalization of $1.82 Billion.
Technical Analysis of the BONK Token Price
The short-term outlook lies above the key exponential moving average on the bullish side. The price has made over 61.80% retracement on the 50-day EMA and is moving in an uptrend. The 50-day EMA is preventing the price from falling.
Bonk price has faced a sharp fall from the $0.0000476 supply level. This resulted in a decline of nearly 60% to the $0.0000193 bullish POI. Since March 19, 2024, the price has been getting some positive bullish reactions from crypto traders. BONK price is moving toward the $0.0000341 supply zone. If the price closes above that level, it could retain the $0.0000476 mark.
Moreover, the relative strength index (RSI) moves parallel to the spot price chart, indicating neutrality in momentum. At present, the RSI is at 55.05 above the signal line.
Summary
The Bonk price has shown over 100% during the year-to-date time frame 2024. Technical indicators summary also suggests a positive signal for the current meme coin price. At press time, BONK price is moving toward the $0.0000341 supply zone. If the price gives a closing above that level, the price can reattain the $0.0000476 Mark.
Technical Levels
- Resistance Levels: $0.0000341 and $0.0000476
- Support Levels: $0.0000253 and $0.0000193
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
