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The Bonk price has plunged 14% in the last 24 hours to trade at $0.00002923 as of 7:05 a.m. EST on a 23% pump in trading volume to $374 million.
Bonk Price Signals A Rebound On Strong Support
The BONK/USDT daily chart shows several technical patterns and indicators that highlight a potential bullish scenario. The major support zone, shown as a key horizontal level, has provided a strong foundation for price stability. Over time, the price has tested this area multiple times, showing its importance in attracting buyers. This zone marks the base for subsequent upward movements and has served as a launchpad for significant rallies.
Additionally, the formation of a Golden Cross, where the 50-day Moving Average (MA) crosses above the 200-day MA, signals a positive shift in market sentiment. This crossover often indicates a transition from bearish to bullish momentum and historically precedes long-term upward trends. The recent price breakout from the downward-sloping trendline further reinforces the bullish outlook, as it confirms a reversal pattern after the prolonged consolidation phase.
BONKUSDT Analysis Source: Tradingview
The Relative Strength Index (RSI), currently at 45.14, reflects an improvement in market momentum, suggesting a gradual increase in buying pressure. If the RSI continues to climb toward or above 50, it could signify stronger bullish control.
However, the immediate challenge lies at the resistance level of $0.00003809, which has capped price gains in recent attempts. A decisive breakout above this level, supported by strong volume, would confirm the reversal and open the door for further gains, potentially targeting higher resistance zones in the $0.00005 to $0.00007 range.
In the short term, the chart suggests a bullish bias as long as the price remains above the support zone and the moving averages continue their upward trajectory. However, traders should monitor whether the price can sustain its momentum and break key resistance levels.
Failure to break above resistance could lead to a re-test of the support zone or sideways movement, signaling a potential pause in the bullish trend. Long-term bullish prospects will depend on the ability to maintain higher highs and higher lows, validating the strength of the uptrend. This setup highlights the need for careful monitoring of price action and volume to confirm further bullish continuation.
Solaxy (SOLX) Presale Races Past $9.2 Million-Best Crypto To Buy Now?
As the Bonk price gears up for another bullish rally, investors are flocking to buy Solaxy (SOLX), a new Solana-based meme coin and the first layer-2 solution on the Solana network. It has already raised over $9.2 million in presale funding.
According to a crypto analyst on 99Bitcoins, a well-known YouTube channel with over 719K subscribers, Solaxy could potentially soar 100x after its official launch.
Solaxy is set to solve network congestion, which is one of Solana’s biggest challenges. Introducing an innovative layer-2 solution will improve the network’s performance without changing its core infrastructure.
Beyond this, Solaxy will act as a bridge between Solana and Ethereum, combining Ethereum’s liquidity and security with Solana’s speed and scalability. The result is a powerful ecosystem that caters to all the needs of DeFi and meme coin trading.
Hey everyone! 👋 I just came across an exciting project that's set to revolutionize the Solana ecosystem: Solaxy. Let's dive into what makes this Layer-2 solution a game-changer. 🚀 @SOLAXYTOKEN pic.twitter.com/B1f506l5r4
— Sammie Ranking (@Samuel__Martins) December 24, 2024
Holders who stake SOLX tokens can earn a huge annual return of 380%. Investors can buy SOLX tokens for $0.001594 each with BNB, ETH, USDT, or a bank card. With a price increase scheduled in just over a day, buy soon to get the best deal.
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