Why did BONK surge? The reason behind it is revealed, why are retail investors crazy about it? The bull market is worth ambush
The token has enough support at $0.0000213, and the next best resistance is $0.00003200. A break below the support level may open the door for further declines. This is less likely because analysts believe that the current concerns are behind the price adjustment. As it progresses, BONK is expected to go higher. If not higher, then at least mark higher lows to give a straight upward trajectory.
This recovery provides bullish support for BONK in the coming months. Short-term volatility may be volatile. Despite the upward trend of Bitcoin, the overall market sentiment is still uncertain. It has even moved out of the consolidation phase. At present, BONK remains one of the most popular tokens in the portfolio.
The support range of $0.0000213 is the 50% Fib retracement level. The horizontal trend movement can limit the volatility within the defined boundaries. Their drafting prices are $0.00003 and $0.0000213.
Short-term price fluctuations are not necessarily a factor to be concerned about or worried about. On the other hand, it paints a brighter picture for both buyers and sellers. There could be renewed interest between them. It depicts the formation of an inverted head and shoulders pattern. The initial image is not too convinced and therefore not to participate in a lot of trading activities. Or to look for an opportunity to relieve some of the burden when the time is right. BONK remains one of the top contenders on the list of altcoins. It is volatile but highly competitive.
The general sentiment is bullish, with the “Extreme Greed” classification in the Fear and Greed Index at 76 points. At the time of writing, volatility is around 7.29% and the 14-day RSI is 66.18. The forecast for the next 5 and 30 days is bullish. BONK is expected to test the listed values of $0.00004099 and $0.000102, depending on several factors and their favorable alignment.
The Solana-based memecoin has also sparked optimism within the Solana ecosystem. SOL is listed at $181.86 with a target of over $200 by the end of 2024. The current exchange rate against the dollar is up 2.20% in the last 24 hours and 24.49% in the last 7 days. One might consider this surge impressive given the market cap growth of 2.26%, and 24-hour trading volume increased by 71.26%.
There are several possible reasons for BONK's recent surge: Memecoin fever: Memecoins like Dogecoin and Shiba Inucoin have received a lot of attention in the cryptocurrency market, attracting the attention of new investors.
As a memecoin, BONK is associated with this craze, which also contributes to its popularity. Solana blockchain: BONK is built on the Solana blockchain, which has fast transaction speeds and strong scalability. This feature attracts investors who are looking for faster and cheaper alternatives to blockchains such as Ethereum.
