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The Bonk price has bounced 14% in the last 24 hours to trade at $0.00003594 as of 9 p.m. EST on a 42% pump in trading volume to $546 million.
Bonk Price Rebounds After A Short-Term Downturn
The BONK/USDT chart shows a well-defined major support zone around $0.00002630. This zone has historically acted as a critical floor, especially from June to October 2024, where the price consolidated for several months before beginning a strong upward movement.
The upward trend was triggered by a Golden Cross, where the 50-day moving average crossed above the 200-day moving average in early November 2024. This technical event signaled the start of a bullish phase, resulting in a rapid price surge that peaked near $0.00005500, reflecting a remarkable rally.
BONKUSDT Analysis Source: Tradingview
However, the rally faced resistance at the $0.00005500 level, where the price struggled to break through and subsequently entered a downtrend. This downtrend, marked by lower highs and lower lows, extended into December 2024. The price eventually stabilized near the $0.00003500 level, forming a secondary support zone, hinting at a potential bullish reversal, as the Bonk price broke above the downtrend resistance line, signaling a shift in market sentiment.
Furthermore, the RSI (Relative Strength Index) currently sits at 53.70, slightly above the neutral 50 level. This suggests growing bullish momentum with room for further upside, as the RSI is still far from the overbought threshold of 70.
BONK Price Traders Eye New High At $0.00005500
The $0.00003500 support zone is a pivotal level to monitor, as it has held firm during recent price action. Below this, the major support zone at $0.00002630 serves as a critical fallback area in case of bearish developments.
For traders, the current setup offers opportunities in both directions. A bullish entry near the $0.00003500 support level, combined with a stop-loss slightly below this level, could target $0.00004500 in the short term and $0.00005500 in the medium term. This approach allows traders to capitalize on the developing bullish momentum.
On the other hand, a bearish scenario could unfold if the price breaks below $0.00003500, signaling potential downward pressure toward the $0.00002630 support level. In such a case, traders could short the asset with a stop-loss above $0.00003500 to limit risks.
Solaxy (SOLX) Presale Charges Toward $9 Million
As traders eye potential gains for Bonk, many are also investing in Solaxy (SOLX), a new Solana-based meme coin and the first layer-2 solution on the Solana network. It has already raised over $8.1 million in presale funding.
According to a crypto analyst on 99Bitcoins, a popular YouTube channel with more than 719K subscribers, Solaxy could achieve a 100x price surge following its official launch.
What sets Solaxy apart is its mission to tackle network congestion on Solana. By introducing an innovative layer-2 solution, Solaxy enhances Solana’s network efficiency while maintaining its core infrastructure.
Moreover, Solaxy acts as a bridge between Solana and Ethereum, merging Ethereum’s liquidity and security with Solana’s speed and scalability. This positions Solaxy as a key player in decentralized finance (DeFi) and meme coin trading ecosystems.
Earn Passive Income with SOLX
Beyond its technological advancements, SOLX token holders can also earn passive income through the platform, which offers a huge 435% annual yield.
Investors can currently participate in the presale by acquiring SOLX tokens for $0.00159 each using BNB, ETH, USDT, or a bank card.
With a presale price increase set to take effect in just over a day, now is the perfect time to secure the best deal on SOLX tokens.
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