In the past week, the cryptocurrency market experienced a pullback followed by a rally, which was further amplified by the price surge of the Solana-based memecoin BONK. As of the time of writing, BONK’s price had increased by 7% to $0.00001956, with a market capitalization of $1.19 billion. This uptick in BONK’s price followed a 13% rise in Solana (SOL), which pushed its price up to $85.
Last week, BONK saw a significant rise of over 71%, but it subsequently lost about 40% of its gains from its weekly high, trading around $0.00001924 at the time of writing. The price and volume increase can be linked to a series of listing announcements on major exchanges, including Binance and Coinbase.
Remarkably, BONK’s value surged by 300% in the past month and has risen by an impressive 21,000% since reaching its all-time low in December of the previous year. The recent additions of BONK to major exchanges and its inclusion in margin trading on Binance have led to stronger price movements.
An analysis of BONK’s daily chart showed a consistent upward trend over a two-month period, with a rising channel formation indicating continuous buyer interest, especially between the $0.000012 and $0.000013 price range.
Analysts like Jacob Crypto Bury and platforms such as CoinCodex remain optimistic about BONK’s future growth, with potential targets at $0.00004 and $0.00006, respectively. These price predictions are based on current market dynamics and technical analysis of BONK. Despite short-term fluctuations, the overall market sentiment continues to trend upwards, with expectations of BONK being listed on other major platforms like Kraken, Bitstamp, and Gemini, further bolstering the positive outlook.