While Bitcoin struggles to break its resistance and Dogecoin falters, BONK takes a remarkable leap. The meme coin of the Solana ecosystem shines with double-digit performances, raising questions about its sustainability versus speculation.
This remarkable surge in BONK price has likely been fueled by a recent shift in overall market sentiment. We’re also seeing a breakthrough above the bearish trendline and, most importantly, the explosive growth of the Bonk.fun platform. Over the past week, it generated $7.93 million in just seven days, with daily fees reaching $1.27 million on July 11.
Currently, BONK is trading at around $0.00002508, with an increase of over 13% in 24 hours and a 160% jump in trading volume. This momentum surge has even outperformed major cryptocurrencies like Bitcoin and Dogecoin. This dynamic has brought BONK back to a familiar resistance level at $0.00002626. This is a key threshold that has previously triggered trend reversals.
At the time of writing, BONK is trading above the 200-day exponential moving average, signaling a bullish trend. Its Relative Strength Index (RSI) sits at 70, in overbought territory, which could lead to a short-term correction if buying momentum weakens.
Despite this obvious overbought condition, long-term investors and holders appear to be still accumulating the memecoin. Exchanges have recorded an outflow of more than $1.88 million in this asset. This indicates strong buying pressure from long-term investors, a bullish sign for holders of this crypto.
BONK’s 70% bullish momentum echoes the surge in fees and token buybacks from Bonk.fun. Can long-term investor conviction and exchange outflows push this Solana meme token beyond its April ceiling ?
You can also accumulate BONK with competitive fees on Bitmart exchange right now :
Passionate about the crypto world, he explores the blockchain ecosystem to extract the most essential insights. With his expertise in SEO and web writing, he transforms news and technical analysis into clear, engaging, and impactful content. His goal? To help investors better understand the opportunities and challenges of the crypto market.
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