BONK Token Surges 60% in a Week, Breaking Multi-Month Downtrend
Bonk (#BONK) Overview
- Bonk has surged 60% over the past week, recovering from a period of decline.
- The broader Solana meme coin sector has also experienced significant gains.
- Key support levels have been reclaimed, improving sentiment among traders.
- Upcoming Solana Accelerate event in New York City (May 19–23) is fueling excitement.
Technical Analysis
- BONK broke out of a descending parallel channel on April 13.
- Current price: $0.00001934, with an intraday high of $0.00002167 (73% increase since April 22).
- Above the 1.618 Fibonacci level at $0.00001990; potential targets are $0.00002517 and $0.00003044.
- Failure to maintain the 1.618 level could lead to a retracement to $0.00001700.
- RSI at 66.78 indicates strong momentum but warns of a possible cooldown.
- MACD shows a healthy upward trend with buyers in control.
Analysts' Predictions
- Crypto analyst World of Charts predicts a possible 2x increase for BONK in the coming days.
- Crypto Joe identifies a bullish pennant pattern, targeting $0.00002690, close to the 2.618 Fib level.
- A daily close above the 200-day SMA at $0.00002410 could lead to a rally towards January's high near $0.000040, representing a 104% increase.