The favored Solana-based meme coin Bonk (BONK) is making waves within the cryptocurrency panorama with its spectacular efficiency. On October 16, 2024, the meme coin led the crypto market and outperformed high cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and plenty of others.
BONK’s Present Worth Momentum
In keeping with the CoinMarketCap information, BONK is buying and selling close to $0.000025 and has skilled a value surge of over 15% previously 24 hours. Throughout the identical interval, its buying and selling quantity jumped by 35%, indicating heightened participation from merchants and buyers.
BONK Technical Evaluation and Upcoming Ranges
Whereas analyzing the day by day chart, BONK seems bullish and is poised to rally considerably within the coming days. On September 27, 2024, the meme coin broke its essential resistance degree and closed its day by day candle above that degree and the 200-day Exponential Transferring Common (EMA). Since then, BONK has been consolidating between $0.000024 and $0.000019 ranges.
With the latest value surge, BONK broke out of its consolidation zone and at the moment, there isn’t any resistance degree posing a hurdle to its upward rally. If BONK closes a day by day candle above $0.0000248, there’s a sturdy risk the meme might soar by 30% to succeed in the $0.0000335 degree within the coming days.
Nonetheless, BONK’s Relative Energy Index (RSI) is there in a spread that means a possible upside rally forward.
Bullish On-Chain Metrics
BONK’s optimistic outlook is additional supported by on-chain metrics. In keeping with the on-chain analytics agency Coinglass, BONK’s lengthy/brief ratio at the moment stands at 1.05, indicating bullish sentiment amongst merchants.
Moreover, its open curiosity has surged by 30% over the previous 24 hours. This vital rise in open curiosity means that merchants have doubtless constructed their positions following the breakout from the consolidation zone.
Aside from BONK, the biggest and hottest meme coin, Dogecoin (DOGE), gained huge consideration because it soared greater than 10% during the last 24 hours. In the meantime, different meme cash, together with SHIB, PEPE, and WIF, skilled value surges of 4%, 3.8%, and three.5%, respectively.
