Bonk, a memecoin project on the Solana blockchain, has surged nearly 20% over the past four days. BONK, which was launched in 2023 with the aim of reviving the Solana blockchain and has made a huge impact, has recently lagged behind WIF and MOODENG. MOODENG, in particular, has become the best-performing memecoin of the week, surging nearly 400% in the past week. It is believed that BONK could rise along with the growing memecoin activity on the Solana blockchain.
BONK Price Analysis
With its performance, BONK stands out among the top 100 altcoins by market cap. Memecoin, which has been gaining momentum, could see its price rise in the final quarter of the year.
According to the analysis, the consolidation is shown by the formation of a symmetrical triangle formed on the BONK chart. It is claimed that the consolidation process, understood as the accumulation phase, has ended.
“The price is approaching the resistance level of the mentioned pattern,” AMBCrypto said, continuing his words as follows;
“This period has historically been a bullish phase for the crypto market. The symmetrical triangle that has formed since the beginning of the year shows that traders and investors have accumulated a significant amount of BONK. “According to the data, the upside potential seems imminent.”
BONK/USDT has formed a triple bottom at the $0.000016 area. The symmetrical triangle formation shows that the triple bottom is a sign of a reversal.
MACD data is one of the indicators supporting BONK's rise. MACD, which calculates the difference between two important moving averages of an asset, has given a bullish signal after a long time. Analysts interpret MACD data as "It shows buying momentum" and note the following;
“The data reinforces the idea that prices could break through resistance and rally significantly.
Analysis predicts that MACD breakouts and symmetrical triangle could boost BONK price by more than 70%.
