The price of BONK pumped by more than 20% yesterday alone, bringing more attention to the Solana meme coin.
Over the last month, the token traded largely inside a consolidation between $0.0000183 and $0.0000263. The price finally broke out 4 days ago. It had a successful retest just a day after that, with the candlestick closing outside the consolidation.
The price formed a reversal candlestick two days ago, which later led to a major bullish spike. Thus, the ongoing price spike could be based on the chart’s continuation pattern.
The relative strength index is currently at around 63 and not yet in the overbought area. Also, the 50-day and 100-day simple moving averages are already serving as support for the price, all pointing to a continued potential for growth.
Based on on-chain metrics from Moralis Money, BONK is currently seeing more buyer growth and buy pressure, with a $536,000 growth in buy pressure from 217 buyers against $437,000 in sell pressure from 158 sellers.
If the pressure from buyers continues to grow, we may continue to see growth in the cryptocurrency’s price.
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