Will BONK be able to accompany the memecoin bull?
BONK, one of the most popular memecoins on the Solana blockchain, signaled a bull run by rising 33 percent in the last 30 days.
The rise of the leading crypto Bitcoin ($BTC ) to $ 68,000 has stirred altcoins. Many altcoins have increased by nearly 50 percent from their lows.
Memecoins have left their mark on the bull market. The total market value of memecoins has increased from $ 38.19 billion to $ 54.60 billion in the last month. During the same period, the transaction volume in memecoins has increased by nearly 300 percent.
The Solana blockchain has hosted the memecoin craze. BONK, which is located on Solana, has increased by 35 percent in the last month.
AMBCrypto examined whether BONK will continue its rise. AMBCrypto stated that the BONK price is giving positive signals, while Market Prophit reported that the sentiment in memecoin has turned positive.
The analysis suggested that memecoin has broken through the 200-day moving average (EMA) and has gained strong upward momentum with the said move.
According to the analysis, if market conditions are positive, BONK price can turn into support at $ 0.00002086. If the support area is maintained, the price can reach $ 0.000025 in a short time.
The analysis noted the following;
âSimply put, Bonk has recently gained strong upward momentum and is experiencing positive sentiment. If market conditions remain positive, memecoin will challenge the next resistance level. If $ 0.000025 is broken, memecoin can reach $ 0.00003003.â
BONK recorded a trading volume of $ 426 million in the last 24 hours. Memecoin's market value reached $1.536 billion.
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