Solana-based meme coin Bonk has become the top gainer crypto among the 100 largest crypto assets over the past 24 hours following its recent price surge.
Its latest rebound was driven by market optimism. However, bulls are currently facing stiff resistance at key levels as selling pressure re-emerged after yesterday’s massive 8% surge.
BONK is up 8.1% over the past 24 hours and is trading at $0.00002380 at the time of reporting. Its daily trading volume has also surged 33%, indicating renewed interest in the market, giving it a market cap of $1.77 billion.
BONK 1D Chart – October 17 | Source: Trading View
The daily chart shows a nice rounding bottom pattern, indicating a possible trend reversal as the altcoin makes higher lows. This pattern suggests that Bonk could break out if it succeeds in breaking above the current resistance level.
Despite the recent breakout, the 23.6% Fibonacci retracement level at $0.00002379 remains as an immediate resistance. If the bulls can decisively overcome this resistance, the next important resistance will be the previous local high at $0.00002522.
However, bearish sentiment is spreading, as evidenced by the 3% pullback this morning. In addition, the Williams %R is -23.84, indicating possible overbought conditions. However, the RSI is 59.86, suggesting that there is still room for further gains, but not without the possibility of a retracement.
Meanwhile, market analyst Astekz recently highlighted the next potential target for BONK. According to him, the meme token is facing resistance at $0.00002470. If the bulls succeed in breaking this resistance, the next targets could be $0.00004804 and $0.00007140.
However, if the bears regain control, the key supports to watch are $0.00002261 and $0.00001909, with the latter being crucial to sustain the current bullish sentiment.
