The Solana-based dog-themed meme coin Bonk (BONK) has experienced an impressive 37% rise in its price over the past week. This surge followed a considerable recovery in the wider market, with many other meme coin prices also seeing significant gains.
While several meme coins have witnessed their profits diminish, BONK continues to exhibit strong performance. Consequently, the price may be poised for further increases in the near term.
The Solana Meme Coin Remains Resilient
Currently trading at $0.000024, Bonk is supported by a bullish forecast from the Awesome Oscillator (AO) on the daily chart. The AO is a momentum indicator that evaluates recent price changes against historical trends, utilizing a zero-line signal to gauge whether momentum is bullish or bearish.
An AO reading below the zero line indicates bearish momentum, while a reading above suggests bullish momentum. At present, BONK’s AO demonstrates bullish momentum, implying that the recent consolidation phase may be on the verge of leading to a substantial upward movement.
Read more: How to Purchase Solana Meme Coins: A Step-By-Step Guide
Additionally, the Bull Bear Power (BBP) aligns with this optimistic view. The BBP illustrates the strength of the buyers (bulls) versus the strength of the sellers (bears).
When the BBP rises, it indicates that bulls are in control, suggesting potential price increases. Conversely, if the BBP is negative, it implies bears are dominating, which could lead to price declines if the trend continues. Currently, BONK’s BBP is in positive territory on the daily chart, indicating that prices may surpass $0.000024.
BONK Price Forecast: The Upsurge May Persist
The daily chart reveals that BONK’s price is approaching $0.000026, though it may face resistance at this level. Given the present bullish momentum and strength, the token could break through this barrier.
Should it succeed, BONK’s short-term target might move up to $0.000030. However, this will largely depend on whether bears can prevent the price from retracting back to $0.000021.
Read more: 11 Leading Solana Meme Coins to Monitor in October 2024
Should buying pressure increase, BONK’s price could soar towards $0.000035. On the flip side, a decrease in buying activity could invalidate this prediction, potentially causing the Solana meme coin to dip to $0.000021.
Disclaimer
In compliance with the Trust Project guidelines, this price analysis article is intended solely for informational purposes and should not be interpreted as financial or investment advice. BeInCrypto is dedicated to delivering accurate, impartial reporting; however, market conditions can shift without prior notice. Always perform your own research and seek advice from a professional prior to making any financial decisions. Please be aware that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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