Current BONK Price Rally and Solana Support
Amid the current chart patterns, analysts are expecting another 100% BONK price rally from the current levels. After facing some retracement earlier this week, the Solana-based memecoin BONK is extending its price rally further.
As of press time, the BONK price is up by 7%, trading at $0.00001956 with a market cap of $1.19 billion. Additionally, the trading volume has jumped by 45% in the last 24 hours, reaching 4450 million.
Solana’s Impact on BONK and Current Market Conditions
The recent price push comes amid the strong surge in the Solana (SOL) price, which has jumped by 13% to $85. Analysts predict that SOL may soon touch the $100 level.
Potential for Another 100% BONK Price Rally
BONK, a meme token in the current trend, has experienced a substantial 71% surge in value over the past week. However, it has given up nearly 40% of gains from its weekly high and currently trades at $0.00001924.
This notable growth can be attributed to its recent listing on prominent exchanges, including Binance and Coinbase. Over the last month, BONK’s value has witnessed a remarkable 300% increase and has soared by an impressive 21,000% since hitting its all-time low in December of the previous year.
The recent addition of BONK to major exchanges, coupled with Binance’s choice to include it in Margin trading, has played a pivotal role in driving its price surge.
BONK’s daily chart exhibits a consistent upward trajectory spanning two months, forming an ‘ascending channel pattern.’ This pattern indicates sustained buyer interest, particularly in the $0.000012-$0.000013 price range.
Renowned analysts such as Jacob Crypto Bury and platforms like CoinCodex are optimistic about BONK’s future growth, proposing potential targets of $0.00004 and $0.00006, respectively. These projections are rooted in the current market dynamics and technical analysis of BONK’s performance.
While short-term fluctuations in price are conceivable, the overall market sentiment remains bullish. The anticipation of BONK being listed on prominent platforms like Kraken, Bitstamp, and Gemini further adds to the positive outlook.
A New Challenger Is Emerging: Meme Kombat
Conversely, Meme Kombat, another meme coin, is gaining traction among investors in anticipation of its listing on exchanges. As noted by Jacob Crypto Bury, Meme Kombat exhibits a potential for 10x growth, with its trajectory possibly mirroring the success of coins like BONK and PEPE. This underscores the increasing interest and potential within the meme coin sector.