$BONK aims for a 90% breakout with volume increasing by 53% - will Solana's rising meme king outperform WIF?
The price of BONK is seeing a notable rise, with traders returning to it. The Solana memecoin has increased by 5% today, with a 53% jump in trading volume, boosting expectations of it surpassing competitors like $WIF. With a market cap of $1.25 billion, this dog-themed coin leads the list of Solana memecoins.
This recovery comes after weeks of slow trading, indicating a return of retail investors to their passion for Solana coins. Eyes are now on $BONK's ability to maintain trading momentum with increasing network activity.
Traders are looking for a breakout at the $0.000017 level as a starting point towards targets of $0.000025 and $0.000037, representing potential gains of 60% to 90% from current price levels.
Technical analysis:
Identifying five main resistance areas - can $BONK break through the $0.00002335 level?
The $BONK/$USDT 4-hour chart on Binance shows a bullish breakout pattern developing from a well-defined descending wedge formation.
This technical pattern is generally viewed as a bullish reversal indicator, which shows a contraction in price movement downward between converging trendlines before breaking upward.
After weeks of continuous bearish momentum, $BONK has managed to break through the upper resistance of the wedge with increased volume, indicating a potential shift in market dynamics.
The breakout currently targets an expected price increase of about 49.88%, representing a potential move of $0.00000780 from the breakout level.
▪︎ Resistance levels
The main resistance levels to watch are
• $0.00001803, and $0.00001929,
• $0.00002058, and $0.00002205,
• Finally $0.00002335
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