$BONK is currently trading at $0.00002108, down 6% in the past 24 hours and 16% over the past week. The broader crypto market is down 3% today, with global concerns over the Middle East, the US election, and the economy contributing to the price decline.
However, despite these struggles, BONK remains the 61st largest cryptocurrency and has seen impressive gains, rising 27% in the past month and over 9,000% in the past year.
Even amid the recent sell-off, BONK’s trading volume reached $500 million, indicating continued strong demand. While BONK’s price has declined, it may still have some downside before recovering.
The Relative Strength Index (RSI) has dropped from above 70 to around 40, suggesting there may be room for further declines before it becomes oversold.
Additionally, the 30-period moving average has fallen below the 200-period moving average, forming a “death cross,” which is often seen as a sign of a potential big decline. However, high volume may indicate a short-term decline before a recovery.
Interestingly, the largest BONK whale, which holds 2.41 trillion tokens worth around $50 million, has remained steady throughout the token’s ups and downs, suggesting that they expect BONK to rise much higher in the future.
Founded on Solana, BONK has been one of the best performing tokens this year.
Looking ahead, the price of BONK could see a significant increase, with forecasts suggesting a potential 380% rise to $0.00010200 by 2025, especially if market conditions improve with interest rate easing.
