The price of some digital assets has reached an all-time high due to the recent growth in the bitcoin market. The unprecedented upswing in the cryptocurrency market has not only been good to tokens of decentralized protocols, but also meme coins like Bonk Inu (BONK). Today marked a new high for the token as its price increased by more than 200% in the weekly timeframe.

Solana’s meme coin Bonk has been on a tremendous bull run for quite some time, with a price increase of over 7,000%, indicating the strengthening of the Solana ecosystem.

BONK Surges: A Crypto Standout

November saw a sharp 1,000 surge in BONK’s value, making it one of the most profitable assets in the cryptocurrency market to date. The general upward trend in the cryptocurrency market in the first part of the month is partially the reason for this growth.

The BONK price has consistently produced large bullish candles since breaking out of the bearish trend it had been in since the start of the year. The majority of meme currencies are not moving very much, but BONK is experiencing high trade frequencies that are causing many bull runs.

Even though there was a slight decline in price, the bulls’ overwhelming domination kept the price above the gains. Considering that the volume has now turned to its advantage, the uptrend should last until the end of the month.

Based on the technical indications, there is no sign that the bullish momentum will abate anytime soon. At the moment, BONK is experiencing a strong positive trend, with its price hitting an exponential high of $0.0000152. Interestingly, the prior high at $0.0000100 has become a level of support.

The 89th position on the Relative Strength Index (RSI) indicates an overbought zone. Extended green histograms on the Moving Average Convergence Divergence (MACD) indicate a strong bullish trend.

BONK’s Ascent Faces Resistance Challenges

BONK will encounter early resistance near its new all-time high of $0.0000133299 if it continues to rise. Above that, the extended Fib -0.236 level at $0.0000156963 and Fib -0.382 at $0.0000171293 are targets for higher moves. Volume is still high, indicating that people are still interested in BONK as it rises.

Meanwhile, some fortunate Solana ecosystem participants stand to gain greatly from the skyrocketing price of the meme coin. Solana gave away $10 worth of BONK tokens when it released its Saga smartphone back in April. Those tokens are now worth over $11,500 because BONK is now over 1,000 times the price since then.

For those who are still holding onto their BONK airdrops, this has already been a transformative experience. Even in the wildest meme coin theories, gains of over a thousand percent are practically unheard of.

Furthermore, given the continued growth of the cryptocurrency industry overall, it is possible that Solana and the meme coin community will continue to surprise us in the future given the persistent enthusiasm and risk-taking behavior.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock

---

Filed under: Bitcoin - @ December 9, 2023 9:20 am