Bonk (BONK), the Solana-based meme coin, experienced a significant surge amid the market resurgence. It noted an impressive spike of over 40% this week.
It has rebounded from its 200-day EMA mark and directed a golden crossover on the daily chart. Fueled by the significant demand surge in most memecoins, BONK price was among the front runners. It soared more than 50% in the last two weeks.
It formed an ascending triangle formation and traded above the key moving averages. Despite the recent bearish moves in the crypto market last month, BONK decisively held the gains and remained in the positive region.
With the change in the dynamics, the bulls continued accumulating the coin. Bulls were eyeing to retest its all-time high (ATH) mark of $0.00004640.
At press time, the BONK was trading at $0.00003140 with an intraday surge of 15.26%, reflecting neutrality on the charts. It has a monthly return ratio of 47.30% and 59.30% yearly, reflecting a long-term uptrend.
The pair of BONK/BTC was at 0.000000000471 BTC, and the market cap was $1.30 Billion. Analysts were neutral and suggested that the BONK price may soon reach its ATH mark.
BONK Revealed Spike in Buying Pressure
The BONK has recently regained momentum and delivered follow-on gains, surging over 40% this week. Fueled by the demand surge, the buying pressure was intact and remained high.
Its trading volume soared over 92% to $483.90 Million in the last 24 hours, signifying the consistent buyer accumulation.
The Relative Strength Index (RSI) curve soared to the overbought zone, near 65 signifies a bullish overview. The rising RSI curve showed that the buying pressure was intact and the memecoin would continue to gain traction. Additionally, it would spread the rally ahead.
@Coinguru, in his X post, said that the technicals of BONK conveyed a bullish stance. It is set to revisit its ATH mark shortly.
Fresh ATHs for $BONK loading
Keep Bonking my brothers pic.twitter.com/oIcKTLP9tL
— 💐Guru 💐 (@CoinGurruu) July 19, 2024
Notably, it climbed above the significant EMAs and was set to drive the bullish wave ahead. Once it crosses its cluster of $0.00003700, a rally toward $0.00004000, followed by $0.000043000, can be seen ahead.
Weighted Sentiment and Social Dominance Data Stayed Flat
Amidst the significant price rise, the social dominance data stayed flat and signified a slight increase of over 2% in the last 24 hours. It revealed neutral online discussions among the investors on social media platforms.
Similarly, the weighted sentiment data stayed in the negative territory around -0.503, signifying neutral sentiment among the investors.
Futures Data Displayed Long Buildup Activity
Fueled by the volume-based buying, the investors made a fresh long buildup in the overnight session. Also, the open interest value soared by over 57.265% to $13.04 Million.
OI Data Chart | Source: Coinglass
When writing, the immediate support levels for the BONK price were $0.00003000 and $0.00002700. In contrast, the key upside hurdles were around $0.00003800 and $0.00004000.