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The Bonk price has jumped 31% in the past week, even after a 1% fall in the past 24 hours, to trade at $0.00001308 as of 6:00 a.m. EST.
Bonk Price Enters Into Consolidation
4-hour chart for BONK/USD (Source: GeckoTerminal)
The Bonk price has been in a consolidation phase between $0.00001285 and $0.00001395 for the past couple of days, according to data from GeckoTerminal. This period of sideways trading might be the build up to a strong move in the near term.
If bulls start to buy BONK, the meme coin might try to flip the resistance at $0.00001395 into support. Thereafter, a 4-hour candle close above this mark could lead to the Bonk price rising to as high as $0.00001551 in the short term.
On the other hand, if traders decide to short BONK, it might result in a drop below the closest support at $0.00001285. Continued sell pressure could then push the Bonk price down to $0.00001172.
Technicals Suggest The Bonk Price Could Go Either Way
From a technical perspective, indicators on BONK’s 4-hour chart show a market in limbo. Traders will want to keep an eye on the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) for signs of the meme coin’s next move.
RSI readings have oscillated in the mid-to-high 50s over the last 48 hours. While the current reading above the neutral 50 mark suggests bulls have an upper hand over bears, the leveling off of the RSI line suggests that sellers could still step in and take control.
Meanwhile, the MACD line is currently positioned below the MACD Signal line. Traders might see this as an indication that the Bonk price is in a negative short-term trend. However, the flat MACD Histogram readings in the last couple of hours suggest a weakening of BONK’s recent bearish momentum.
With BONK trading flat today, traders are flocking to buy a Solana layer-2 presale called Solaxy (SOLX).
Multiple experts are bullish on the crypto. Among them is YouTube channel 99Bitcoins, which has over 725K subscribers and predicts SOLX could print between 50X and 100X gains after its launch.
Solana About To Get A Major Upgrade
Solana has become a victim of its own success, with developers flooding the network with a tsunami of new tokens in recent weeks amid a surge in hype around SOL meme coins. This has led to high levels of congestion on the layer-1 blockchain, resulting in failed transactions, slow processing speeds, and high transaction costs.
Solaxy’s aims to fix all that, and introduces the first layer-2 scaling solution for the Solana ecosystem. One of the main ways the project will help is by shifting Solana’s transaction processing workload off of the mainnet and on to its own sidechain. There, it will bundle transactions before sending them to the Solana mainnet for final validation.
Solaxy’s approach to transaction processing is similar to that employed by Arbitrum and Optimism within the Ethereum ecosystem. It has also been proven as a successful way to scale a layer-1 network while increasing overall efficiency.
In addition to scaling Solana, Solaxy will also bridge the network with Ethereum. This will create a new Web3 platform that is capable of accommodating the growing demands of meme coin and decentralized app developers.
Once the bridge has been created, SOLX will be positioned as a primary transaction medium between two of the most prominent networks in the crypto space, giving it unprecedented levels of utility.
High Staking Rewards Pull Investors In
Solaxy’s ongoing presale has gone parabolic, and has already pulled in more than $30.1 million in early-stage funding.
Another thing that’s attracting investors is an attractive presale staking yield of 134% annually.
Selling for $0.001694, SOLX can be bought with both crypto or bank card.
The SOLX price will increase as its presale progresses, with the next hike coming in less than 7 hours.
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