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Highlights
- BONK price rally forms as the token moves upward after hitting bottom in early March.
- With a 30% over the week and 9% today, investors anticipate further rally with market recovery.
- Analysts predict a 150% rally if it breaks the falling wedge pattern.
Unlike most meme coins, the Bonk price rally took time before getting in shape. Once it did, the price surged higher and higher, setting the ATH at $0.00005916 by 2024 end. However, since then, its struggles have been far more imminent due to high competition from newly launched meme-themed cryptocurrencies and the downtrend of the crypto market.
Regardless, another rally is in formation, as the token attempted recovery this week. What’s happening? Let’s discuss.
BONK Price Surges 30% With High Investor Demand
With a strong downtrend, the BONK meme coin reached its bottom at the beginning of March, but a strong support uptrend soon followed. Since March 11, the BONK price has surged nearly 55%.
In the last week alone, the token’s worth has grown by 30% and 9% in the last 24 hours. With that, it currently trades at $0.00001451 with a market capitalization of $1.13B, becoming the 52nd cryptocurrency in the market.
This happened as the investors’ interest increased in the token—the 24-hour trading volume of $239.83M after more than a 100% surge, showcasing investor demand. However, analysts believe this is just the beginning of this popular Solana meme coin, and investors should buy it when the opportunity presents itself.
Analysts Advise Investors to Buy BONK Despite Downfalls
A crypto analyst with the pseudonym Altcoin Sherpa recently commented on the meme coins’ downfall, claiming that although these meme-based cryptos are smashed, they will eventually come back.
This statement is made after considering the performance of this asset, which is continuously down with the ongoing crypto market downtrend. However, a few analysts claimed there would be no full recovery, but Sherpa has discarded such claims.
In an X’s post, they revealed that hype or attention is driving these altcoins, and the lindy or old ones will make the earliest recovery.
Interestingly, this includes Solana’s popular meme coin BONK, as the analysts advise others to buy it despite its crash before revealing that they have a bag of it. Soon after this remark, the BONK price also grew, increasing the credibility of recovery and rally prediction.
BONK Price Prediction: Is a 150% Rally in Process?
Analysts have often predicted a recovery for this digital asset, but the recent recovery has escalated the possibility of a rally. One analyst presented a highly bullish BONK price prediction, claiming that it is breaking the falling wedge pattern, which indicates a massive uptrend.
A successful breakout could result in a 140-150% rally in the upcoming days, claims the expert. However, there’s also uncertainty around the token, as the seller’s dominance after this surge could result in a downtrend.
Final Thoughts: Price Rally Just Began
After a 30% surge over the week, the BONK meme coin currently stands at 76%, away from its ATH of $0.00005916. This surge came amid the broader crypto market recovery and high investor interest. A successful breakout from the current level could result in a new ATH, as analysts are bullish about the possibility of an uptrend.
Investors must further analyze the performance and trade accordingly, keeping both bearish and bullish scenarios. Stay connected for further updates.
Frequently Asked Questions (FAQs)
1. How is the BONK price performing today?
2. Why did this crypto analyst advise to buy BONK?
3. How high can the BONK price go?
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