Solana-based meme coin BONK jumped 12% in the last 24 hours. It outperformed top coins like Pepe (PEPE) and Shiba Inu (SHIB), whose values fell by 3% and 7% respectively during the same period. This rally is mainly due to the excitement over the BONK/USDT trading pair, which just went live on Binance. WE.
BONK’s price rise is accompanied by a significant increase in trading volume. This indicates strong market interest and potential for further bullish momentum.
Bonk arises, thanks to Binance
Tuesday, Binance announcement that BONK is now listed on Binance.US. Deposits for BONK on the Solana The network opened the same day, sparking enthusiasm and a surge of activity around the piece. Its price has since increased by 12%. Additionally, its trading volume soared 39%, reaching $2 billion in the last 24 hours.
When an increase in trading volume accompanies a rise in price, it signals strong market interest and conviction behind the price movement. Higher volume during a rally suggests that more participants are buying, which adds credibility to the uptrend. This indicates that BONK: a double-digit rally over the past 24 hours is not driven by mere speculation; market players demand coin.
Additionally, BeInCrypto’s assessment of the BONK/USD 12-hour chart confirms the increase in purchasing pressure. As of this writing, the meme coin’s Chaikin Money Flow (CMF), which tracks its flows of money into and out of the market, is above the zero line and in an uptrend at 0.26 .
CMF values above zero indicate that buying pressure is outweighing selling pressure. This suggests that the market is experiencing constant inflows and is in an accumulation phase.
BONK Price Prediction: New Growth on the Horizon
At the time of writing these lines, BONK meme coin is trading at $0.000034. The double-digit rally over the past 24 hours pushed its price above the $0.000033 resistance. If the buying momentum maintains, the meme coin could tip this level towards a support floor, propelling it towards $0.000038. A successful breakout of this level would see BONK rise 29% to $0.000044, a high last seen in June.
However, if BONK fails to establish $0.000033 as support, it could face further downward pressure. In this scenario, BONK meme coin price could lose its recent gains and drop to $0.000026, weakening the bullish outlook.
Disclaimer
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