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Solana dog coin Bonk ($BONK) has quietly surged, gaining more than 200% in a matter of days. Most apparently, $BONK is riding off the bullish wave initiated by the seventh largest cryptocurrency, Solana ($SOL), which remains an outperformer among major cryptos in the ongoing bull run.
"Ethereum killer" Solana has made a standout performance among altcoins, rising more than 220% yearly. Solana topped $54 for the first time since May 20, 2022, increasing its weekly gains to 32% and monthly advances to a remarkable 158.5%, per CoinGecko data.
On-chain analytics firm Santiment observes that discussion rates on $SOL have again spiked: Solana dog token $BONK appears to be benefiting from the increased attention $SOL appears to be receiving.
$BONK forms golden cross
The recent surge in $BONK also appears to be aided by a favorable technical chart pattern. $BONK reacted with a big rise this week after a bullish formation, a golden cross, showed on its daily chart.
A golden cross is a bullish chart pattern that occurs when a short-term moving average crosses over a long-term moving average and may indicate that the cryptocurrency's price is about to climb. $BONK confirmed this bullish crossover with its daily MA 50 climbing above the daily MA 200.
$BONK began to rise after hitting a low of $0.000000178 on Oct. 20. $BONK had experienced weeks, if not months, of price stagnation before this period.
On Nov. 9, just days after the formation of a golden cross, the rally escalated, with $BONK soaring more than 100% within 48 hours. The surge peaked at highs of $0.00000293 on Nov. 10, where bulls ran into resistance.
$BONK is now experiencing profit-taking, down 2.44% in the previous 24 hours to $0.000002081 at the time of writing. It has, however, increased by more than 200% in the last seven days.