One Solana-based altcoin, Bonk, took the world by storm, surging 300% in just one month’s time. Driven by this remarkable growth in network usage, Shiba’s token price has skyrocketed to over $0.000038 – prices not seen since early 2024. Bonk has made a name for itself in the volatile world of crypto with sky-high airdrops and lightning-fast transaction times.
One reason the past increase in price is due to a large wave of “whales”. These are the firms’ investors that are holding large amounts of the cryptocurrency. These so-called smart money investors have been gobbling up Bonk tokens at an impressive rate in the last month. They now all together possess more than 9.19 trillion Bonk tokens.
Activity Patterns This surge coincides with a general trend of growing institutional participation and network activity across the Solana ecosystem. This indicates an increasing faith in the projects being built on Solana.
Recent gains are positive, but technical analysis shows that Bonk’s price would meet heavy resistance at this level. Trading at under $0.000014, SHIB will remain below that price in the short term. The flip side of the coin is that the medium-term outlook for Bonk is still very bullish. Only a break below the support line at $0.000011 would invalidate this bullish scenario.
If the current bullish trend continues, Bonk might even rise to $0.000056 before the end of March 2023. That would be a whopping increase of 300% from its current statutory levels.
Bonk’s technical indicators are encouraging, reinforcing the new meme coin’s positive outlook. The altcoin has created a “golden cross” configuration. This golden cross—a bullish signal—occurs when the 50-day and 200-day moving averages cross above one another. Bonk has finally broken through its most significant liquidity wall on higher timeframes. Volume Profile shows little to no liquidity above $0.000015, providing massive room for Bonk to run up in a hurry. The Bonk price analysis predicts that Bonk would almost reclaim its all-time high at $0.000024 in the next few weeks.
