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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.