Bonk, the meme coin built on the Solana blockchain, has recently experienced an 85% price surge, drawing attention from investors and traders alike.
However, its future trajectory remains uncertain as the coin tests crucial support levels around $0.00002635.
Source: Cryptonews.com
Bonk is trying to stabilize at these key levels. Still, the broader market dynamics and its specific trading behavior will determine whether it can maintain its bullish momentum or deteriorate the prevailing sentiment.
Investors are watching closely to see if Bonk can hold the $0.00002635 level, which will likely dictate its near-term outlook. Amid this wait, a new token got their attention and has gained momentum from Bonk traders.
If Bonk breaks the support level, is $1 possible?
Bonk Surges 85% Before Finding a Resistance Level: What Are Traders Turning to Now?
Bonk’s price surge was met with resistance at $0.00004002, which could prove crucial in determining its next market cycle phase.
Following this resistance, Bonk pulled back, testing the critical support around $0.00002812.
This level aligns with the 100-day Simple Moving Average (SMA), often seen as an indicator of whether a token remains in a bullish or bearish market structure.
Source: Cryptonews.com
If Bonk manages to bounce off this support, it could signify that the coin’s upward trend is intact.
However, a break below this level could signal the beginning of a more prolonged correction.
The 4-hour chart highlights Bonk’s critical juncture. The Relative Strength Index (RSI) dropped from 80% to 75%, indicating waning buying pressure.
Source: Cryptonews.com
This shift signals that the coin could be overbought, making it susceptible to a reversal.
Currently, Bonk is still trading above the 100-day SMA, suggesting that the bulls have some control.
Source: Cryptonews.com
However, if the price drops below this moving average, a bearish crossover could occur, leading to further downside.
The next strong support lies at $0.00002320, and if the coin breaks through its current levels without a strong rebound, this price point could be tested.
Broader market sentiment related to Solana’s performance also plays a critical role in Bonk’s price action.
Since Bonk is built on Solana, any major changes in the SOL price could directly affect Bonk’s.
Bonk’s recent listing on Binance.US has added another layer of excitement, which brought the chart up before consolidating back.
This listing has opened the door for increased trading volumes as the token becomes more accessible to U.S. investors.
If institutional investors or larger traders begin to show interest, Bonk could see further price rallies. The influx of attention could bolster Bonk’s position in the meme coin market.
The Perfect Time to Buy: Bonk Traders Are Turning to $STARS
While Bonk remains a key player in the meme coin space, the market is evolving, and other tokens are vying for attention, especially now that Bonk is retracting back.
One such token is Crypto All Stars ($STARS), which aims to take meme coins to the next level by combining community-driven value with long-term utility.
Unlike traditional meme coins that often rely on speculation, $STARS is designed to focus on sustainability and scalability.
$STARS recognizes the potential for meme coins to captivate retail investors but seeks to surpass the hype.
The project’s team is building a structured ecosystem offering holders long-term value.
$STARS is set to differentiate itself from typical meme coins that depend heavily on social media trends by integrating real-world utility into the ecosystem.
With a focus on scalability, $STARS is a more sustainable and appealing option for those looking for a meme coin with real-world tied value.
$STARS is emerging as a promising alternative. With its presale already generating considerable attention, it raised $3.6M out of the $3.7M target within a few days.
Undoubtedly, $STARS is positioning itself as a token to watch in the coming months.
Investors looking for something more than just hype can explore $STARS as a potential long-term addition to their portfolios.
The presale ends soon, and interested investors are urged to get it at the presale discounted price.
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