Solana-based dog-themed meme coin Bonk (BONK) has seen its price increase by 37% in the last seven days. This development came after the broader market experienced a significant recovery, and other meme coin prices also jumped.
While some meme coins have seen their gains erased, BONK appears to be showing immense strength. As a result, the price could be set to go higher in the short term.
The Solana Meme Coin Stays Strong
With Bonk trading at $0.000024, the Awesome Oscillator (AO) on the daily chart supports a bullish outlook. The AO is a momentum indicator that compares recent price movements to historical trends, using a zero-line signal to determine whether momentum is bullish or bearish.
When the AO reading is below the zero line, momentum is bearish, and when it is above, momentum is bullish. Currently, BONK’s AO shows bullish momentum, suggesting that the recent sideways movement may soon lead to a significant upswing.
Read more: How to Buy Solana Meme Coins: A Step-By-Step Guide
Furthermore, the Bull Bear Power (BBP) aligns with this sentiment. The BBP shows the strength of buyers (bulls) and the strength of sellers (bears).
When the BBP climbs, bulls are in control, indicating that the price can increase. Conversely, if the BBP is negative, bears are dominant, and the price might drop if it intensifies. On the daily chart, BONK’s BBP is positive, suggesting that the price can go much higher than $0.000024.
BONK Price Prediction: The Rally May Continue
The daily chart shows BONK’s price nearing $0.000026, though it could encounter resistance at this level. With the current bullish momentum and dominance, the token may break through this region.
If successful, BONK’s short-term target could rise to $0.000030. However, this depends on whether bears can avoid pulling the price back to $0.000021.
Read more: 11 Top Solana Meme Coins to Watch in October 2024
If buying pressure intensifies, BONK’s price could rally toward $0.000035. Conversely, a drop in buying activity could invalidate this forecast, potentially pushing the Solana meme coin down to $0.000021.
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