Solana-based meme coin BONK has surged by 12% in the past 24 hours. It has outperformed top meme coins like Pepe (PEPE) and Shiba Inu (SHIB), whose values have dropped 3% and 7%, respectively, during the same period. This rally is primarily driven by the excitement around the BONK/USDT trading pair, which has just gone live for trading on Binance. US.
BONK’s price rally is accompanied by a significant increase in trading volume. This indicates strong market interest and potential for further upward momentum.
Bonk Surges, Thanks To Binance
On Tuesday, Binance announced that BONK is now listed on Binance.US. Deposits for BONK on the Solana network opened the same day, sparking excitement and a surge in activity around the coin. Its price has since risen by 12%. Also, its trading volume has skyrocketed by 39%, reaching $2 billion over the past 24 hours.
When a surge in trading volume accompanies a price rally, it signals strong market interest and conviction behind the price movement. Higher volume during a rally suggests that a larger number of participants are buying, which adds credibility to the upward trend. This indicates that BONK’s double-digit rally over the past 24 hours is not driven by mere speculation; market participants are demanding the meme coin.
Additionally, BeInCrypto’s assessment of the BONK/USD 12-hour chart confirms the uptick in buying pressure. As of this writing, the meme coin’s Chaikin Money Flow (CMF), which tracks its money flows into and out of the market, is above the zero line and in an uptrend at 0.26.
CMF values above zero indicate that buying pressure outweighs selling pressure. It suggests that the market is seeing consistent inflows and is in an accumulation phase.
BONK Price Prediction: Further Growth on the Horizon
As of this writing, the BONK meme coin trades at $0.000034. The double-digit rally over the past 24 hours has pushed its price above the $0.000033 resistance. If the buying momentum holds, the meme coin could flip this level into a support floor, propelling it toward $0.000038. A successful breach of this level would position BONK to climb 29% to reach $0.000044, a high last seen in June.
However, if BONK fails to establish $0.000033 as support, it could face renewed downward pressure. In this scenario, the BONK meme coin price may lose its recent gains and trend down to $0.000026, weakening the bullish outlook.
Disclaimer
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