BONK Reclaims Momentum as Capital Rotates from Fartcoin

BONK's latest breakout comes on the heels of a significant capital shift within the Solana meme coin market.

Coin Bonk (BONK) price rose on Wednesday, setting sights on the next target at $0.00096 as the token gained over 14% in the last 24 hours. The next resistance level for Bonk stands at $0.00096.

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The meme coin is also showing signs of a strengthening uptrend. It’s trading in an upward parallel channel, while the Relative Strength Index (RSI) is still holding close to 68, which signals sustained buying demand. The bounce over the 50-RSI level last week further cemented the positive narrative.

The Average Directional Index (ADX), which measures the trend strength is rising as well. These indicators in general suggest that Bonk could continue to rise, possibly breaking through to the next resistance level if momentum continues.

However, traders are urged to watch for support at $0.000012. A break below this level would invalidate the bullish pattern and signal a potential reversal. Technical sentiment is positive at this juncture.

Meme coin mania is also boosting Bonk’s appeal. Several meme coins on the Solana network are experiencing double- and even triple-digit gains over the past week.

To illustrate, TRUMP and PENGU have seen weekly gains of over 70%. This is further fueling the speculative frenzy in this niche.

At the same time, Bonk is enjoying renewed attention thanks to this “meme season” resurgence. It’s also worth noting that the combined market cap of Solana meme coins currently stands around $9.73 billion, according to CoinGecko.

The strength of Bonk is also evident in its ability to recover from extreme lows and maintain a loyal community despite the challenges of the past year.

The post Bonk Price Analysis: Can BONK Reach $0.00096 As BTC Holds Key Level? appeared first on CNBCTV18.