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The Bonk price surged 10% in the last 24 hours to trade at $0.00003317 as of 9:53 p.m. EST on trading volume that pumped 28% to $926 million.
Bonk Price Could Still Recover
The BONK/USD 4-hour chart shows an overall downward trend following a strong bullish rally. Initially, the price surged significantly (highlighted by the green upward arrow), supported by increasing volume and momentum. However, after peaking at the $0.00005707 resistance, the Bonk price entered a falling channel (bounded by orange lines), reflecting a bearish continuation pattern, according to data from GeckoTerminal.
The descending channel suggests that sellers have gained control, with each attempt to break upward being met with resistance. Currently, the price of Bonk is attempting to rebound from the lower boundary of the channel, suggesting potential short-term bullish activity. However, the overall trend remains bearish unless the price successfully breaks above the upper boundary of the channel.
Additionally, the 50-day Simple Moving Average (SMA) (white line) is trending below the 200-day SMA (yellow line), forming a death cross around $0.00004222, which is a bearish indicator. The price is also trading below both SMAs, reinforcing the bearish outlook.
Meanwhile, the Relative Strength Index (RSI) is currently at 52.75, which is near the neutral zone. This indicates that the price is neither oversold nor overbought. The recent uptick in RSI suggests a short-term recovery in momentum, but it is not yet at a level that signals strong bullish strength.
The Moving Average Convergence Divergence (MACD) blue line is slightly above the orange signal line, with a shallow upward curve. This is a bullish crossover, which could indicate short-term upward momentum. However, the MACD histogram remains close to zero, suggesting that this momentum is weak and may not lead to a sustained rally.
Bonk Price Prediction
The falling channel is the dominant structure in play, suggesting the price of Bonk is likely to continue trending downward unless it breaks above the channel’s upper resistance near $0.00003468 (50-day SMA). If it succeeds in breaking this resistance, the next target could be around $0.00004249 (200-day SMA), aligning with a more bullish outlook.
On the bearish side, if the BONK price fails to hold above the lower boundary of the channel and faces rejection at resistance levels, it could revisit the $0.00003000 level and potentially drop lower.
As the Bonk price aims for a continued price recovery, investors are also snapping up the new Solana meme coin Solaxy (SOLX), which 99Bitcoins, a popular crypto channel on YouTube with over 709K subscribers, says might soar 100x after launch.
Solaxy Presale Races Toward $4 Million
Solaxy, Solana’s first Layer-2 solution, has raised over $3.7 million in its first week as investors pile into a project that promises better scalability, high network throughput, and fast, cheap, and smooth transactions.
Solana struggles with high traffic, causing network slowdowns and downtime. It also faces challenges scaling to keep up with its growing ecosystem. Network overload leads to unreliable transactions, which frustrates users and developers.
Solaxy solves these problems by moving transactions to its Layer 2 network, easing the load on Solana’s Layer 1. This ensures faster and smoother operations. Batch processing boosts scalability, keeping costs low and throughput high.
🚨 Solaxy is now live in Upcoming Tokens! 🚨@SOLAXYTOKEN gives holders an opportunity to join the first-ever Solana Layer 2 blockchain.
Solaxy is set to enhance blockchain innovation through limiting congestion, reducing failed transactions, and improving scalability on SOL.… pic.twitter.com/satNF6zFNF
— Best Wallet (@BestWalletHQ) December 17, 2024
Simply put, Solaxy is a multi-chain Layer 2 that brings out the best in Solana and Ethereum, the two most valuable blockchains in crypto, measured by total value locked.
Investors interested in joining the presale can visit the official Solaxy website to buy SOLX tokens at the current price of $0.001574 each using BNB, ETH, USDT, or bank card.
Buy before a price hike in a little more than 1 day to secure the best deal.
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