Bonk Price Soars 5% Amid Increased Trading Volume and Whale Token Accumulation

Over the past 24 hours, Bonk’s price has surged by 5%, trading at $0.00002372 as of 9:50 a.m. EST, driven by a 13% increase in trading volume to $249 million. Over the past week, Bonk has gained 7%, indicating growing investor interest in this Solana-based meme coin.

Big whales are also making significant moves with BONK/USDT on Binance. In just 15 minutes, an impressive 87.54 billion BONK tokens, worth 2 million USDT, were purchased, pushing the price up by 5.10% to $0.0000235 USDT.

$BONK price is ideally working on the late stages of wave-C of ii. pic.twitter.com/QIslmFVp95

— Man of Bitcoin (@Manofbitcoin) June 21, 2024

As one of the top meme coins on the Solana blockchain, Bonk is gaining popularity and has already made some investors millionaires. Could Bonk be on the verge of making history again?

BONK Price Statistics

• Bonk price: $0.00002372
• Market Cap: $1.55Billion 
• Trading Volume: $250.53Million 
• Circulating Supply: 66.30Trillion  
• Total Supply: 93.53Trillion

Bonk Price Rebounds Within a Bearish Channel

The Bonk price faced a setback after encountering resistance at $0.00004308. Despite attempts by buyers to push the price higher, sellers continuously drove it down to a support zone at $0.00001908, forming a bearish channel. 

However, the bulls have regained control, and this struggle has led to the formation of a support zone that has given the bulls the wings to fly the price. This pattern is often seen as a sign of a bullish trend reversal, suggesting that Bonk’s price could be poised for a bull rally ahead.

BONKSOL Analysis (Source: Dextools.io)

Bonk is currently trading above the bearish channel, though there is a chance that it could be retracted. Moreover, the BONK price is trading above the 50 Simple Moving Average (SMA), which is a level coinciding with the upper trendline of the pennant where its price tends to find support. If the momentum confirms it could send the price past the 200 SMA, confirming the bull rally ahead.

Additionally, If the upward trend breaks past the , it might motivate more buyers to push the price up beyond the 200 SMA, possibly reaching the high it hit on March 5th at $0.00004365.

Moreover, The Relative Strength Index (RSI) has been on a gradual uptrend from the 30 oversold level, culminating to a sharp spike above the 50 midline level to 58. More buying pressure could see the RSI jump in the overbought region. 

BONK Price Signals a Bull Rally Above the Bearish Channel

Despite a brief pullback, Bonk’s price bulls are showing resilience by regrouping at the $0.00001957 support level and driving the price higher. The RSI indicates strong momentum, helping the bulls push the price upwards with a target of reclaiming $0.00004308. However, the bears could seize the opportunity for a corrective phase, potentially forcing the bulls to retreat to the support zone at $0.00001930, below the 50 SMA.

BONK has experienced a significant rise in social volume and dominance. While this increased attention can drive up prices, it also makes the asset more vulnerable to speculative trading.

Final Thought

Bonk might be at very attractive levels for dip buyers to get involved. Recently, it held above its 200-day moving average (200DMA). The last time it bounced from this level, back in April, Bonk surged by 260% in just a few weeks. If it can repeat that performance, Bonk could definitely be one of the best meme coins to buy right now.

Moreover, with a current valuation of only around $2 billion, Bonk has the potential to increase 5x or more during this bull market. However, meme coin investors often seek much bigger gains, aiming for returns of 50x or more.

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