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The Honk price is up 60% in the last 24 hours to trade for $0.0115 as of 4:30 a.m. EST time, with a 102% surge in trading volume.
It points to rising interest in the Solana-based meme coin, leaving its peer, Bonk (BONK) in the dust.
$HONK IS REVIVING SMOOTHLY 200x CURRENTLY AT 12.4M
SEND IT DIAMONDHANDS STILL HOLDING. https://t.co/pe50a5EPz0https://t.co/4OIi869kWu https://t.co/JFabhPt4cQ pic.twitter.com/xUDG5nbYkN— BlockChainBrother Calls (@BCBCalls) February 6, 2024
With this surge, HONK has merited Poloniex exchange’s list of top gainers, alongside MEOW, VEC, and CARMIN.
📈 Top Gainers on #Poloniex 🚀
» @meowmeowerc20
» @vectorreserve
» @Carmin_Labs
» @honk_sol https://t.co/NOYr8BrX3e pic.twitter.com/iBbXONCEe7— Poloniex Exchange (@Poloniex) February 5, 2024
Meanwhile, the Honk price is confronting resistance due to the 50% Fibonacci level at $0.0156. Based on the technical indicators, the odds still favor the upside. The Relative Strength Index (RSI) is above the 50 level and inclining north, suggesting rising momentum.
The Moving Average Convergence Divergence (MACD) is still moving above the signal line (orange band), with its histogram bars flashing green. The same is seen on the Awesome Oscillator, with both tools moving in positive territory.
Increased buying pressure could see the Honk price overcome the immediate resistance due to the 38.6% Fibonacci at $0.0122. A break above this blockade would bring the 50% Fibonacci level into focus at $0.0156. An extension north could send it to the most critical retracement level of 61.8% at $0.0190.
In a highly bullish case, the gains could see the Honk price tag the 78.6% Fibonacci level, at $0.0239, or in a highly ambitious case, fill the market range by reclaiming the $0.0300 range high. This would denote a 160% climb above current levels.
TradingView: HONK/USDT 3-hour chart
Converse Case
On the flipside, an extended fall could send the Honk price lower to the 23.6% Fibonacci level at $0.0080. If this level fails to hold as support, the Solana-based meme coin could extend a leg lower, testing the 50-day Simple Moving Average (SMA) at $0.0077.
Promising Alternative To HONK
Even as the meme coin narrative continues to drive markets, investors are looking at the more promising alternatives for their portfolio diversification schemes. Sponge V2 is the latest sensation, coming up as its forerunner Sponge V1 was discontinued on Feb. 5.
Sponge V2 is one of the meme coins that analysts say could record exponential gains at launch. The project has migrated to the SPONGE V2 Polygon version of the digital asset, a move accelerated by a recent malicious attack on its liquidity pool.
This is therefore precautionary so that there will not be any future attacks. All Sponge holders, now on Polygon since February 5, are enjoying enhanced security, efficiency, speed, and affordability.
🚨 Important information 🚨
Our V1 Snapshot will be taken on the 5th of February at 11pm UTC, $SPONGE V1 will then immediately be discontinued.
Follow this thread to migrate your Decentralised and Centralised tokens to V2 before it's too late! 👇
🧵 1/4 pic.twitter.com/qPSTIX6dNT
— $SPONGE (@spongeoneth) February 2, 2024
The token will soon list on multiple exchanges, but before then, the staking function gives you amazing opportunities for passive income earning. Buy and stake Sponge V2 to start earning rewards today.
Spongers will gain tokens by staking $SPONGE before the claim date. Token holders are currently enjoying annual percentage yields (APY) as high as 205%, with upwards of 7.901 billion tokens already staked. This is among the reasons why analysts rank it among the top five cryptos to invest in now.
With the major Solana outage today potentially affecting confidence in meme coins on its network, more money might also flow to projects like Sponge V2 that run on the Ethereum ecosystem.
Buy and stake $SPONGE today and it could set up your crypto portfolio for spectacular returns.
Also Read:
- Top Meme Coin Surges 13% In A Week As Investors Gear Up for 11 PM Sponge V2 Bridging Deadline – Stake Now, Time Is Running Out!
- Sponge Unveils Strategic Pivot To SPONGE V2 On Polygon Network Following Liquidity Pool Attack
- Alessandro De Crypto Sponge V2 Presale Update – High-Staking Rewards Investment Opportunity
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