Dog-Themed Solana Memecoin BONK’s Price Surges, Experts Say ‘Resistance Zone is on the Horizon’—But There’s a Catch
Popular memecoin BONK (BONK) saw its price surge over 8% in the last 24 hours according to the latest data from CoinMarketCap. The dog-themed cryptocurrency, which runs on the Solana blockchain, was trading hands at $0.000016 at press time with $523 million worth of BONK changing hands over the previous day.
The price pump comes as crypto analyst Ygcrypto points out that BONK appears to be testing a key resistance level. “A test of the resistance zone is on the horizon, so be ready to take profits if needed,” the analyst stated on X, identifying support at $0.0000133-$0.0000136 and resistance at $0.0000165-$0.0000177. However, they added that a further pump may be incoming for the memecoin.
Market Capitalization Milestone
The surge comes after SolanaFloor announced on X that BONK had reclaimed its $1 billion market capitalization. The achievement highlights the memecoin’s resilience even amidst the ongoing crypto winter that has battered cryptocurrency prices.
Significantly, BONK brands itself as the first dog-themed coin native to Solana. Moreover, 50% of the total supply was airdropped to Solana community members, which has likely contributed to its grassroots-style growth.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Additionally, the coin’s community-focused approach could make it more impervious to external market forces. Hence, the recent recovery may indicate substantial support amongst BONK enthusiasts who remain bullish on the project’s long-term prospects. Consequently, the meme coin’s setup positions it well to potentially challenge the next resistance zone identified by Ygcrypto should positive momentum continue.
You may also be interested in:
- Expert Urges Caution on Long-Term Meme Coin Holdings; Dogecoin (DOGE), Shiba Inu (SHIB), and Others
- Stacks (STX) and Pyth Network (PYTH) Prices Pumping – Here’s Why
- SEC vs Ripple Lawsuit Prompts Investors to Turn Towards BlockDAG’s $2M Presale
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
