The Solana dog coin, Bonk (BONK), has experienced a discreet surge, witnessing a remarkable gain of over 200% within a short span. Notably, BONK seems to be capitalizing on the bullish momentum driven by Solana (SOL), the seventh-largest cryptocurrency, which continues to outshine other major cryptos in the current bull market.
Often referred to as the “Ethereum killer,” Solana has exhibited outstanding performance among altcoins, boasting a yearly surge of over 220%. Solana recently surpassed $54 for the first time since May 20, 2022, marking weekly gains of 32% and monthly advancements of an impressive 158.5%, as per CoinGecko data.
On-chain analytics firm Santiment notes a surge in discussion rates regarding SOL, and the Solana dog token BONK seems to be benefiting from the increased attention SOL is attracting.
Bonk (BONK) Rockets with Golden Cross: Over 200% Surge in 7 Days
The recent impressive surge in BONK finds support in a bullish technical chart pattern. BONK witnessed a significant uptick following the formation of a golden cross on its daily chart.
A golden cross, a bullish chart pattern, occurs when a short-term moving average crosses above a long-term moving average, often signaling an imminent price climb. BONK confirmed this bullish crossover as its daily MA 50 surpassed the daily MA 200.
BONK/USD daily chart, courtesy: TradingView
Starting its ascent after hitting a low of $0.000000178 on Oct. 20, BONK broke free from weeks, if not months, of price stagnation. The rally gained momentum on Nov. 9, just days after the golden cross formation, propelling BONK to surge over 100% within 48 hours, reaching highs of $0.00000293 on Nov. 10, encountering resistance.
Following this rapid rise, BONK is currently experiencing profit-taking, showing a 2.44% decrease in the previous 24 hours to $0.000002081 at the time of writing. Nevertheless, it has marked an outstanding increase of over 200% in the last seven days.
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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