Solana meme coin Bonk (BONK) experiences a 30% price surge accompanied by substantial trading volumes. BONK breaks out above a long-running descending channel, prompting traders to begin profit-taking on both BONK and 1000BONK.
In the last two days, the price of Solana meme coin Bonk (BONK) surged over 30%, supported by a significant rise in trading activity. This increase coincided with a broader recovery in the cryptocurrency market, including a brief rise in Bitcoin’s price above the $48,000 mark.
Bonk Price Movement Amid Solana’s Volatility
The price of Bonk has exhibited range-bound movement alongside profit-taking in Solana during January. Despite a failed breakout following the Solana outage, Bonk’s momentum persisted, rebounding from a robust support level near $0.0000098, accompanied by a substantial surge in trading volumes.
Source: TradingView
Bonk witnessed a notable breakout above a descending channel that had persisted since December. This breakout has attracted attention from prominent traders, who anticipate a potential further increase in its value. Additionally, holders of Bonk tokens are bullish, citing various factors supporting its growth.
Several indicators, including Bollinger bands and RSI, signal confirmed bullish price action. However, the rally may not be sustained for long due to profit-taking by investors. Traders have begun booking profits on both BONK and 1000BONK tokens.
Massive liquidations of shorts, driven by the broader crypto market recovery, have been followed by significant long liquidations, indicating a possible pullback or reversal in Bonk’s price. Currently, BONK is trading at $0.0000128, retracing some earlier gains. The trading volume has surged by 330% in the last 24 hours, suggesting heightened trader interest.
Bonk Unveils BONKrewards Program
Bonk has introduced the BONKrewards program, powered by Armada. This initiative enables Bonk holders to earn rewards from various community-built BONK Eco products such as BonkBot, SVB, and BONKswap.
According to Bonk, the success of participating BONK Ecosystem Products will translate into more rewards for users who lock their BONK tokens. Additionally, users opting to lock their tokens for longer durations will receive boosted rewards from the pool.
Recent developments for the meme coin include the introduction of BONKsquares, validator addition, and Bonk Art. Today, Bonk’s market capitalization has surged over $850 million, reflecting growing interest and participation in the Bonk ecosystem.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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