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The Bonk price soared 51% in the last 24 hours to trade at $0.00002117 as of 04:46 a.m. EST on trading volume that surged 73% to $871 million.
This comes as the Solana-based meme coin surges past PEPE when ranked by market capitalization. BONK now has a market cap of more than 1.4 billion as PEPE trails behind on $1.2 billion.
Bonk Price Bullish, Breaks Out Of The Falling Wedge
Since mid-December 2023, the Bonk price has been dropping within the confines of the falling wedge pattern. However, the price looked to have traded in the $0.000014 range, with the bulls winning the contest.
The BONK bulls have been able to regain control of the price, pushing it over the upper boundary of the falling wedge, an indication of sustained bullish momentum.
BONK is generally bullish, trading above the 9-day Exponential Moving Average (EMA), representing buying signals that could drive the price even higher.
Additionally, the Relative Strength Index (RSI) is moving north to the overbought region at 79, which indicates intense buying pressure.
Moreover, the Moving Average Convergence Divergence (MACD) also supports the bullish sentiment, as the moving average line (blue) crosses above the signal line (orange), representing a bullish crossover. A bullish crossover is a signal for buyers to increase their holdings and encourage new buyers to enter the market.
The green bars on the histogram also support this, as they extend upwards above the zero line, showing positive momentum.
Bonk Price Prediction
The Bonk price analysis shows that it is on bullish momentum, supported by the price breaking and trading above the falling wedge pattern. Furthermore, BONK is trading above the 9-day EMA, which calls for more buys and is likely to soar the price even higher.
With this, bulls are aiming to drive the price higher as they target the next resistance level at $0.000035.
However, the RSI has already entered the overbought region at 79, indicating the likelihood of a looming correction. In this case, the price would undergo a retrace back to the support level at $0.00000976, acting as a cushion against downward pressure.
But even as the Bonk price soars, some investors are turning to another Solana meme coin, Smog, which plans to gift its holders the biggest airdrop ever seen in crypto.
Buy Smog Token: The Next Biggest Giveaway
Smog has gained impressive traction within the meme coin community this month, following its fair launch on Jupiter DEX on February 7th. The project has already garnered over 30,000 holders and over 68,000 cross-platform communities, and built a market cap of over $43 million.
Smog has surged and is looking to rally past its ATH set just last week. Analysts are predicting it can be the next big Solana meme coin, and its intention to rule Solana’s meme coin sector is seen in its slogan, “One meme coin to rule them all.”
One #Memecoin to rule them all! 🚀
Get ready for the greatest #Airdrop in history, distributed on #Solana. 💰
Join #SMOG on Zealy! 🔥
Link in Bio 🔗 pic.twitter.com/vsn4p5cSF4
— SMOG (@SMOGToken) February 8, 2024
The project aims to give the biggest airdrop in history, with the team already allocating 35% of Smog’s 1.4 billion token supply for the airdrop.
For you to qualify for the airdrop, the easiest way would be to buy and hold Smog tokens. There is also a gamified way, through undertaking and completing different tasks managed by Zealy, and then collecting airdrop points. There are over 11,000 airdrop members on Zealy who have already completed over 700,000 quests.
Stake $SMOG, Get Rewarded
You can also earn passively through Smog’s staking option, where you stake your $SMOG tokens for an impressive 42% annual percentage yield (APY).
Jacob Bury, a prominent crypto analyst and YouTuber, believes that Smog has the potential to surge 100X.
You can buy the SMOG token on the official website to be eligible for the historic airdrop.
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