The Solana (SOL) based meme coin Bonk (BONK) crossed significant resistant levels this week after a Binance listing announcement caused a 12% spike in the coin.
The Bonk price rally on Wednesday was triggered by the crypto market's interest in the meme coin. This resulted in the BONK token eyeing a new all-time high in November.
Crypto exchange Binance announced the BONK/USDT trading pairs yesterday, sparking investors' interest in the meme coin, which ultimately led to an incredible price rise. The digital asset became the top-performing crypto in the market courtesy of this surge.
As the Binance crypto exchange announced that Bonk listing, deposits on the Solana network opened, causing a surge in trading activity and fueling an interest in the meme coin. Following this Bonk's price saw a 12% spike.
The Binance listing has enhanced Bonk’s accessibility in the crypto market, especially amongst traders in the US, as the crypto exchange is well-known for its attractive rewards and low fees in the country.
In the 24 hours leading up to the announcement, BONK grew by 7.5% to touch $0.00003603. This showed the market’s interest in the token and the price volatility in a short-term range.
From a low of $0.00003119 to a high of $0.00004186, Bonk has seen these fluctuations in a span of 24 hours. This shows the meme coin’s resilience as it aims for the ATH of $0.00004704 which was last seen in March this year.
This comes at a time when most meme coins, especially Dogecoin are surging. DOGE showed double-digit growth as it reached levels last seen in 2021. In the meantime, Bitcoin crossed the $92,000 mark setting a new ATH.
Energised by the Bitcoin price rally, Bonk is likely to rise further as it targets $0.000042. The bullish sentiments could push BONK towards a new ATH at $0.00004704, a 10% surge.
The meme coin is displaying an RSI of 64 which is near the overbought threshold of 70, which indicates high buying pressure. The MACD shows a bullish crossover with the MACD line going above the signal which suggests an upward trend.
All the technical indicators point towards a bullish trend for the meme coin which would cause him to rally towards it earlier ATH and continue to surge further as more crypto traders get interested in it.
As of November 14 evening, Bonk was trading at $0.00003712, down 0.65% in the last 24 hours while its trading volume has declined by 10.12% to reach $2.30 billion and the market cap stood at $2.79 billion.