In the ongoing bullish market sentiment, the market is currently experiencing a decent price correction, and top cryptocurrencies like Bitcoin, Solana, and many others have seen price drops. During this situation, the Solana-based meme token Bonk (BONK) has garnered massive attention as it soared more than 16% in the last 24 hours.
BONK outperformed DOGE and SHIB
The performance of BONK has outperformed the top crypto meme coins, including DOGE and SHIB. In the last 30 days, BONK experienced a massive 80% upside momentum, while during the same period, DOGE experienced only a 6% upside momentum and SHIB saw a 3% downside movement. Meme token BONK not only outperformed DOGE and SHIB but also outperformed WIF, FLOKI, and BOME.
At the time of writing, BONK is trading near $0.000036. Over the last 7 days, it has experienced more than 45% upside momentum. However, looking at the 24-hour trading volume highlights a lack of investor interest, though it is still higher than other meme coins.
Additionally, BONK’s 24-hour open interest has surged by 3% in the last 24 hours. BONK’s open interest has been continuously rising since May 9, 2024. These factors highlight and signal bullishness in BONK.
BONK technical analysis and key levels
According to expert technical analysis, BONK is looking bullish and is heading toward its all-time high. However, before BONK hits an all-time high, it is currently experiencing strong resistance near $0.000037. If BONK gives a daily candle closing above this resistance level, there is a high possibility that BONK could initially surge 30% and hit $0.000047.
Besides BONK, PEPE and WIF meme coins have also experienced impressive price surges of over 8% and 3.5% in the last 24 hours. In contrast, top meme coins DOGE experienced a 1% price surge, and SHIB experienced a 0.5% downside movement.
Currently, the overall cryptocurrency market is down by 0.25%, with top cryptocurrencies including Bitcoin, Solana, and Binance Coin seeing price drops of over 1% and 3% in the last 24 hours. Additionally, the 24-hour trading volume is down by 14%, currently standing near $98 billion.