Bonk’s price surged dramatically this week, reaching its highest point since February 2 as demand for meme coins increased. It soared to a high of $0.000020, up by over 127% from its lowest level this month. This article examines the primary reasons behind the surge in Bonk’s value and the next key level to watch.
Why Bonk’s Price Jumped
There are three main reasons why Bonk increased. First, the coin rose because of the recent Fartcoin price rally. Fartcoin, a relatively new Solana meme coin, surged by over 455% from its lowest level this year.
This rally has led to increased demand for Solana meme coins as investors seek the next big opportunity. TRUMP has gained 70% in the last seven days, while Dogwifhat, Pudgy Penguins, Popcat, and ai16z have spiked by over 50% in the same period.
Second, Bonk’s token price surged as the broader crypto market surged. Bitcoin crossed the important resistance level at $95,000 for the first time in over a month. Ethereum rose and is eyeing $2,000, while Solana jumped to $150, up by over 60% from the lowest level this year. Historically, Bonk’s price rises when Bitcoin and Solana perform well.
Finally, the coin rose due to macroeconomic events that also drove the stock market higher. Donald Trump appears open to making a deal with countries like China, Japan, and South Korea. He also stated that he is not preparing to fire Jerome Powell from the Federal Reserve.
Read more: This Historical Pattern Points to a 70% Litecoin Price Rally
Bonk Price Analysis
The daily chart shows that the Bonk price soared due to its technical attributes as well. It formed a double-bottom pattern at $0.0000093, with its neckline at $0.00001510. The neckline was also notable since it was the lowest level in September last year.
Currently, the coin has surpassed its 50-day moving average, while the Average Directional Index (ADX) has risen to 24, indicating that the trend is strengthening. Therefore, the coin will likely keep rising as bulls target the 50% retracement level at $0.00003470, which is up by 74% from the current level.
The jump to that target will likely not be a straight line as the token may first retest the support at $0.00001510 and then resume the uptrend.
Read more: Here’s the TRUMP Coins You Need to Attend the President’s Dinner
