BONK Price Surges by 14%, Regains Lead Over Fartcoin
BONK asserts itself in the memecoins market, jumping by 14% to $0.000016, as reported by Coingape. Meanwhile, Fartcoin, after a 389% rally since March and a market cap of $1.08 billion, is losing ground. Traders are shifting gears: weary of Fartcoin’s volatile hype, they are turning to BONK, a pioneering memecoin launched in 2022, integrated into 350+ dApps.
BONK’s volume surges by 25% to $225 million, indicating significant buyer interest. On the other hand, Fartcoin witnesses a 26.6% decline to $276 million USD, with an RSI of 67.6 nearing overbought levels. This liquidity rotation, typical of memecoin cycles, favours BONK, boosted by Solana (SOL) rising by 5% to $145 USD. Memecoins like BONK often amplify SOL’s gains, sometimes by 2x-3x.
Technical Analysis : Is the Memecoin Ready to Soar ?
The memecoin displays a clear bullish signal at $0.000016, driven by a significant volume surge. A breakout above a major resistance could trigger a bull run, but a correction to liquidity zones remains possible. Unlike Fartcoin, with an RSI of 67.6 indicating overbought conditions, BONK shows a balanced momentum, attracting traders.
Whales, accumulating 1.5 billion tokens, support this rally, while Fartcoin faces short position liquidations, accentuating its volatility. Solana, at $153, plays a crucial role: a SOL breakout to $200 could propel BONK to new highs.
Signals to Watch:
Volume: Increasing volume will confirm BONK’s bull run.
Solana: SOL at $200 could boost the memecoin to its peaks.
Hype: BONK needs to leverage community support against Fartcoin.
Supports at $0.0000134 and $0.0000124 and resistances at $0.000018 and $0.000023.
Buy BONK : Opportunity for Traders or Risk to Take ?
With a market capitalization of $1.28 billion, the token demonstrates the strength of established memecoins against Fartcoin. Whales, accumulating 1.5 billion tokens, are betting on a bull run, but volatility and dependence on Solana remain risky. For traders, waiting for a confirmed bullish breakout with a tight stop-loss is prudent. If Solana accelerates, the token could target its 2024 highs. Caution: memecoins can dump as quickly as they rise.
Interested in BONK? Bitget offers an intuitive platform to buy this Solana memecoin with ease. Create an account, fund it with USDT via card or bank transfer, then place an order on the BONK/USDT pair. Your tokens will be available in your Bitget wallet, ready to trade or HODL securely.
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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