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The price of Bonk (BONK), the meme coin that made a splash on the Solana network last year, experienced a strong increase in trading volumes and hosted a rise of more than 30% in the last two days, following a broader crypto market surge triggered by Bitcoin‘s temporary breach of the $48,000 level.
Is the Bonk Price Rally Coming to an End?
The price of Bonk is moving in a pattern parallel to the profit-taking activities in January on Solana, and is fluctuating within a certain trading range. Despite the recent rise in BONK price following a network outage on Solana, the price could not break through the resistance level.
The momentum in BONK price brought about a significant increase in trading volumes, setting the stage for a recovery from the strong support level around $0.0000098.
Right after this recovery, BONK broke above the descending channel that had been ongoing since December. This breakout caught the attention of several key traders who indicated the potential for a further increase in BONK price. BONK investors are also maintaining an upward trend for a few different reasons.
During this period, indicators considered important, such as Bollinger Bands and RSI, also notably confirmed the uptrend. The rally in BONK due to investors’ profit-taking may not last long.
It has been revealed that investors have been taking profits in BONK and 1000BONK recently. After the short liquidations that occurred due to the broader crypto market recovery, a significant portion of the long positions were also liquidated. This could be seen as an indication that a pullback or reversal in BONK price might be happening.
As of the time of writing, the BONK price is trading at $0.0000128676. The lowest BONK price seen in 24 hours was $0.00001107, while the high was $0.00001363. Additionally, the trading volume has increased by 330% in the last 24 hours, reflecting a visibly growing interest among investors.
The Latest Price Rally of BONK
It was announced by Armada that BONKrewards would be implemented. It was also disclosed that Bonk investors would earn rewards from Community-created BONK Eco products such as BonkBot, SVB, and BONKswap.
The following statement was made for Bonk:
The success of participating BONK Ecosystem Products = More rewards for users who lock their BONKs and increased rewards from the pool for users who prefer to lock for a longer period!
BONKsquares, the addition of validators, and the latest developments in the Bonk Art meme coin are just a few of the recent updates. The market value of Bonk was also trading above $850 million at the time of writing.
