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Bonk (BONK), the pioneering dog-themed meme coin built on the Solana blockchain, has experienced an impressive 10% surge in the past 24 hours, according to CoinMarketCap’s data. This surge appears to be closely correlated with the recovery of Solana (SOL) from recent market setbacks.
Solana’s resilience and recovery
Solana, known for its high-speed and low-cost transactions, faced a challenging period, witnessing a notable 26% drop in its native token, SOL, since Jan. 11. This decline, from a peak of $107, fueled by a brief surge in Bitcoin after the U.S. Securities and Exchange Commission approved spot Bitcoin ETFs, bottomed out at $79.34 on Jan. 23.
However, as of the time of writing, SOL is showing signs of a comeback, trading at $90.94 and marking a 4.5% increase in the past day. As SOL regained momentum, its positive impact rippled through the broader crypto ecosystem, benefiting assets like BONK.
According to the latest data, BONK is now trading at $0.00001157, reflecting a 10% increase in the last 24 hours, with a market capitalization of $733 million. The meme coin has seen fluctuations since reaching its December all-time high of $0.0000341, with recent bearish trends giving way to a potential resurgence.
BONK's technical analysis and future trajectory
BONK's price action has caught the attention of traders, especially with its recent rejection from the support at $0.000010, a level that also holds psychological importance.
If BONK can sustain its upward trajectory, the next challenge for bullish momentum lies at the 50-day Exponential Moving Average (EMA) at $0.0000122. The EMA often acts as dynamic support or resistance, presenting a hurdle for BONK bulls.
A promising sign for the meme coin is the substantial uptick in spot trading volumes, reaching $130 million in the past day. This surge in trading activity suggests renewed interest from meme coin investors. In a positive move for the dog-themed token, BONK has added the "PooperScooper" tool to its wallet, allowing users to better organize their holdings.
This feature is proof that beyond erratic price trends, BONK also has enough to offer.