Bonk Price Prediction: Breakout To Fuel A Major Rally For Solana Meme Coin?
Key Insights:
- Bonk surged 67% in a week, breaking a months-long downtrend and surpassing the 50-day simple moving average.
- Analyst expects Bonk price to rise 2x in the coming days.
- BONK has claimed the number one spot in LunarCrush’s AltRank.
Bonk price maintained its foundation on the Solana network while its value increased 67% during the last week after sitting in a months-long downtrend position.
The technical analysis indicators confirmed the rally as Solana-based Bonk coin surpassed its 50-day simple moving average.
The trading volume exceeded $496 Million while Bonk gained market capitalization worth $1.62 Billion before a slight decline at the time of writing.
The recent market surge brought back analyst attention, sparking predictions about an upcoming meme coin rally.
Bonk Price Breaks Key Resistance
After months of sustained downward pressure, Bonk price cleared a major descending trendline, a development often associated with bullish sentiment among technical analysts.
The breakout point gained validation from market trading volume along with price movement that made the meme coin ready for potential additional gains.
More so, Bonk price exceeded its former resistance boundary of $0.000021 when it moved past the 50-day SMA.
The broader crypto market also showed resilience during this period, with Bitcoin maintaining levels above $94,000.
The positive sentiment across the crypto sector may have contributed to Bonk’s strong performance.
Analysts noted that meme coins often react quickly to improvements in market conditions, and Bonk’s recent breakout appears to reflect renewed investor interest.
Analyst Predict Possible 2x Rally
Analyst, World of Charts shared on X (formerly Twitter) that Bonk price had successfully cleared its descending trendline.
More so, the analyst predicted a possible 2x increase in value in the coming days.
The forecast is based on technical analysis and volume trends, which suggest the breakout could sustain upward momentum if market conditions remain favorable.
Another prediction from CryptoElites on X projected a 50% rise, potentially pushing Bonk’s price higher.
Although such forecasts are subject to market volatility and broader risk sentiment, the technical structure behind Bonk’s recent movements indicates a strong bullish foundation.
Technical Indicators Support Continued Uptrend
Technical indicators reinforce the optimism surrounding Bonk’s recent performance.
The Relative Strength Index (RSI) currently sits above 68, indicating robust buying interest without yet entering heavily overbought territory.
This suggests there could be room for further gains before a correction occurs.
Support levels have strengthened, with the 50-day SMA now providing a firm base near $0.0000121.
Meanwhile, resistance near $0.000024 could present a temporary hurdle, but if cleared, Bonk may target previous highs from late 2024 around $0.000059.
Additionally, a recent tweet from an analyst at The Solana Post highlighted that $BONK has claimed the number one spot in LunarCrush’s AltRank, outperforming the top 100 cryptos in both social engagement and price action.
This surge reflects growing community enthusiasm and strong momentum across both market and social metrics.
Solana Ecosystem Growth Adds to Optimism
Bonk price action has been affected by the general improvement in performance across the Solana ecosystem.
The return of interest in Solana decentralized applications and decentralized finance (DeFi) platforms leads to better performance for network tokens.
This revival benefits Bonk since it stands as one of the most popular meme coins on the Solana blockchain network.
Therefore, the growth in Solana project user base, along with meme coin enthusiasm, may result in increased Bonk trading activity in the coming weeks.
