Last week and at the beginning of this week, there was a slight retreat in the cryptocurrency world. This was followed by a rally that expanded the price rally of the Solana-based memecoin BONK.
As of writing, BONK’s price has increased by 7%, trading at $0.00001956, with a market capitalization of $1.19 billion. The recent price movement in BONK came after a 13% increase in Solana (SOL) price, which pushed its price up to $85.
The Impact of Exchange Listings on BONK’s Price
There was a significant increase of over 71% in the current BONK price last week. However, after reaching its peak, it lost about 40% of its gains from the week’s highest level and is currently trading at $0.00001924 as of writing.
This increase in price and volume can be linked to recent consecutive listing announcements on leading exchanges, including Binance and Coinbase.
More importantly, BONK’s value experienced an incredible 300% increase last month and has risen by an impressive rate of 21,000% since reaching its all-time low in December of the previous year.
BONK’s recent consecutive additions to major exchanges and its inclusion in Binance’s margin trading have been crowned with stronger price movements.
BONK Price Movement
An examination of BONK’s daily chart showed a consistent upward movement encompassing a two-month period. Consequently, a rising graph formed within a parallel channel. This formation was a primary indicator of a continuous buyer interest, especially in the price range of $0.000012 to $0.000013.
Analysts like Jacob Crypto Bury and platforms such as CoinCodex have an optimistic outlook on BONK’s future growth. Their expectations point to potential targets of $0.00004 and $0.00006, respectively. These price predictions are based on current market dynamics and the technical analysis presented for BONK.
Although there may be short-term fluctuations due to the overall market structure, the general market sentiment continues to maintain an upward trend. Expectations of BONK being listed on major platforms such as Kraken, Bitstamp, and Gemini in the near future contribute to the positive outlook.
