- Memecoin Bonk soared by 8,422% amid Layer-1 Solana’s run to $77.
- BONK hit an all-time high of $0.00001464 on December 9, 2023.
- Professional crypto analyst betokens a likely price trend reversal.
Surprisingly, the first-ever dog-themed memecoin on Solana’s blockchain went mainstream after months of trading in a severely downward parallel channel. First emerging in the early days of 2023 to save Solana (SOL) from shortly falling to single digits for a token, Bonk (BONK) now enjoys a renaissance with 417% gains in the last 30 days.
Momentarily plummeting to single-digit market capitalization, BONK almost exited the TOP 1000 by global market capitalization in October. However, the memecoin regained mass appreciation along with Solana’s magnificent strike of 430% yearly gains amid the exponential growth of Solana’s DeFi ecosystem and the release of the SAGA Web3-focused smartphone.
Is BONK’s 8,422% Run About to Cool Down?
Meanwhile, professional crypto chart analyst Ali Martinez called to forecast a phased market correction for BONK. BONK has successfully entered the TOP 100 by global crypto market cap, but a price trend reversal pattern could halt this extraordinary bull run.
At press time, Bonk is changing hands at $0.00001246 with a 7% upswing in the last 24 hours. Notably, Bonk has been listed by major crypto exchanges in the last few months, including KuCoin and Bybit.
The breakthrough in adoption speared Bonk’s global market capitalization to unprecedented heights, claiming an all-time high of $877 million on December 9, 2023. However, the 9-fold TD Sequential crypto trading tool, displayed in effect by Martinez, points to a ‘Sell’ signal based on the weekly BONK charts. The TD Sequential marks a price trend reversal unless the crypto price breaks above the expected boundaries.
The main reason behind this is a phased market correction, which could last one to four weeks. Despite this theory, Bonk holds above the critical resistance line of $0.0000115. Following this achievement, BONK outpaced rival memecoins Floki (FLOKI) and Baby DogeCoin (BABYDOGE), Pepe (PEPE), and ApeCoin (APE) by global market capitalization.
On the Flipside
- New utility cases and rising social sentiment for the memecoin Bonk (BONK) could be among other key factors influencing BONK’s price movement.
Why This Matters
Solana’s Layer-1 blockchain thrived this year with institutional money inflows, briefly overtaking the largest Proof of Stake (PoS) chain, Ethereum, by active users.
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Source link: https://dailycoin.com/solanas-bonk-nears-1b-market-cap-bonk-cooldown-incoming/
