The post BONK price prediction – A looming golden cross after $3B milestone means… appeared on BitcoinEthereumNews.com.

BONK has hiked by over 80% in the last seven days At the time of writing, the memecoin was well inside the oversold territory BONK recently crossed the $3 billion market capitalization threshold. This move solidified its position as the second-largest memecoin on the Solana blockchain and the fifth-largest across the wider market. It’s worth pointing out though that this remarkable hike has been accompanied by a hike in market activity, surging volume, and significant price action. BONK’s market cap and volume explosion Over the last 7 days, BONK’s market capitalization has climbed dramatically, peaking above $3 billion before retracing slightly. In fact, CoinMarketCap‘s chart highlighted this sharp ascent too – A sign of growing investor interest.  Source: CoinMarketCap According to the same, BONK is now second only to dogwifhat (WIF) among Solana-based memecoins, with the same having a market capitalization of over $3.7 billion.  Also, a surge in trading volume, as illustrated by Santiment’s volume chart, confirmed heightened engagement. BONK spiked to over $2.6 billion on 14 November, indicating strong liquidity and greater speculation. This uptick in activity is not just isolated to BONK alone though. In fact, it has also contributed to positive sentiments for Solana. At the time of writing, the trading volume was almost $1.7 billion.  Source: Santiment Key technical indicators signal potential for more gains From a technical perspective, BONK seemed to be exhibiting some bullish signs. The daily chart revealed a golden cross forming between the 50-day and 200-day simple moving averages (SMA) – A classic sign of a potential sustained uptrend. Historically, such formations attract traders seeking confirmation of long-term bullish momentum. Source: TradingView At press time, BONK was trading at $0.00004065, down 10.23% over the last 24 hours. Despite this short-term correction, however, the Relative Strength Index (RSI) at 71.18 remained in…

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Filed under: News - @ November 17, 2024 3:03 am