This past week, BONK ($BONK) reached a new all-time high (ATH), but experienced traders are now shifting their focus to more recent alternatives because they are concerned about a market fall.
What is the most recent from BONK?
There has been a wild 2024 for BONK, just as there has been for other Solana Meme Coins. Last week, the meme token reached a new all-time high of $0.00004704, representing an increase of about 4491.23% from the previous year. Its trading volume in a single day also skyrocketed to one billion dollars, which is an incredible accomplishment to say the least.
The market capitalization of BONK reached an all-time high of nearly $2 billion; however, since that time, it has had a little decline and is now trading at roughly $0.00002958. An astounding forty percent increase has been achieved on a weekly basis for the project as a whole overall.
In light of the fact that the bullish momentum is becoming stronger, it is possible that BONK may continue to ascend to new heights. A lot of people are wondering if it will ever be able to reach that coveted $1 threshold because of this. Following that, we will investigate this...
Prediction on the Price of Bonk for 2024 and Beyond: Is the $1 BONK Loading?
This is a short-term forecast.
It's not good news, guys... The majority of the most recent technical indicators for BONK are now in a neutral or sell position, which indicates that the price may not be rising or growing much in the foreseeable future.
Particularly noteworthy is the fact that the relative strength index for BONK coin has reached 70, which places it in the category of being somewhat overbought.
As the daily Moving Average Convergence Divergence (MACD) and the daily Relative Strength Index (RSI) indicators show a possibility of a price correction or a fall in purchasing activity, some experts are warning that the price of Bonk might decline in the near future.
Additionally, the 14-day Relative Strength Index (RSI) and the STOCH (9,6) both indicate that there is a hint of oversold, which indicates that the price may have hit its top and may shortly retrace.
All of this comes as a result of the announcement that BONK had a surge in value due to the fact that whales resumed their purchase of the token. Almost 98 billion dollars worth of Bitcoin was purchased by a renowned whale at a price of $1.5 million before the price inflation occurred.
Regarding the subject at hand, is it possible for BONK to reach $1?
The solution seems to be... quite improbable.
If BONK coin were to attain a value of one dollar, it would need a growth in price that is more than 42 million times. According to this, the market capitalization would be more than $93 quadrillion, which is greater than the estimated wealth of the whole world, which is $418 trillion.
After considering the aforementioned factors, it can be concluded that the value of BONK coin has the potential to increase, but not to the degree of reaching $1. The price aim for BONK coin might be $0.0001, which would indicate a market valuation of $9.35 billion and a 4.240% rise from the present level. Additionally, this would be a more realistic price target. In order to do this, the BONK currency would still need to benefit from favorable market circumstances, a high degree of acceptance, and innovative technologies.
