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Title: BONK (BONK) Price: Solana Meme Coin Surges 70% as Bonk.fun Platform Drives Demand
The cryptocurrency market has been witnessing unprecedented growth, with various tokens experiencing significant price surges. The latest development is the astonishing 70% gain in just 10 trading sessions by BONK (BONK), a meme coin built on the Solana blockchain. This surge can be attributed to the explosive growth of Bonk.fun’s launchpad platform.
In recent days, Bonk.fun has demonstrated remarkable traction, generating $7.93 million in fees over seven consecutive days. A substantial portion of these funds – 58% – is being allocated towards buying back BONK tokens, thereby creating sustained demand pressure and driving the token’s upward momentum. This development is a testament to the growing popularity of Bonk.fun as investors eagerly participate in the Solana-based meme coin.
Despite showing signs of overbought conditions, with its relative strength index (RSI) at 70, BONK remains in an uptrend according to its 200-day exponential moving average. This indicates that the token’s price is likely to continue pushing forward unless a significant correction occurs. Furthermore, exchange outflows have reached $1.88 million worth of BONK, suggesting long-term holders are accumulating tokens for extended periods.
If this resistance level holds and turns support at $0.000024, it would reaffirm the breakout strength and solidify the token’s upward trajectory. However, should the price break through this key resistance zone, a possible 37% gain to $0.0000364 may materialize.
Source: coincentral.com
