TLDR:
BONK reached new all-time high of $0.000060 on November 20, 2024
Market cap surpassed $3.9 billion, flipping Dogwifhat (WIF) as Solana’s largest meme coin
Price gained 175% in November following breakout from symmetrical triangle pattern
Community initiative “BURNmas” plans to burn up to 1 trillion BONK tokens
Solana (SOL) approaching its all-time high of $259 amid the rally
BONK, Solana’s leading meme coin, has achieved a new all-time high price of $0.000060 on November 20, 2024, marking a 175% increase during November. The token’s market capitalization has surged beyond $3.9 billion, reclaiming its position as the largest meme coin in the Solana ecosystem.
The price movement began with a steady increase in early November, initially lagging behind other popular meme coins like Dogecoin and PEPE. However, BONK’s momentum accelerated dramatically last week when it broke out from a long-term symmetrical triangle pattern that had been forming on the charts.
Technical analysis shows that BONK successfully cleared the $0.000034 resistance level, which had been a key barrier since March. This breakout proved to be the catalyst for the current rally, opening the path to new price discovery zones.
Bonk
BONK Price
Trading volume has seen a notable uptick during this period, with BONK becoming one of the top performers among the top 100 cryptocurrencies by market capitalization. The increased trading activity has contributed to the token’s price stability at these new levels.
The token’s relative strength index (RSI) shows strong momentum, remaining above the 50 mark on weekly timeframes. The Moving Average Convergence Divergence (MACD) has also made a bullish cross and maintains positive territory, supporting the current upward trend.
BONK has overtaken its main competitor, Dogwifhat (WIF), which had previously held the top spot among Solana-based meme coins since March. While WIF experienced a 5% decline to $3.29, BONK continued its upward trajectory, rising by nearly 7% to $0.000052.
The BONK community has launched an initiative called “BURNmas,” scheduled to conclude on Christmas Day. This program aims to burn up to 1 trillion BONK tokens, representing approximately 1.3% of the current circulating supply. The actual number of tokens to be burned will depend on community participation in various tasks.
These tasks include engaging with BONK’s social media presence and using associated applications like the fitness app Moonwalk. The token burning mechanism is designed to reduce the overall supply, potentially supporting the token’s value through increased scarcity.
The ecosystem surrounding BONK has expanded to include several community-led projects. Notable among these are BONKbot and BONKSwap, which have helped create a more robust infrastructure for token holders and traders.
Trading patterns on the 12-hour chart reveal a parabolic increase throughout November. Analysis suggests that BONK is currently in wave three of a five-wave upward movement, with wave three extending to 3.61 times the length of wave one.
Short-term technical indicators point to potential price targets around $0.000075, which would represent wave three reaching 4.61 times the length of wave one. However, the 12-hour RSI has shown bearish divergence, suggesting a possible local top formation.
The broader context includes Solana’s own strong performance, with SOL trading at $240, just 7.6% below its all-time high of $259 set in 2021. This strength in the underlying blockchain has provided additional support for BONK’s price action.
Market analysts on social media platform X have expressed varying views on BONK’s future prospects. Some analysts predict further expansion, comparing BONK’s trajectory to Dogecoin’s historical patterns. Others suggest potential market cap targets of $30-40 billion, which would imply a tenfold increase from current levels.
Support levels for any potential retracements are identified between $0.000039 and $0.000045, corresponding to the 0.382-0.5 Fibonacci retracement levels. These levels could serve as temporary resting points during any corrective moves.
The daily trading volumes show BONK maintaining its position among the top cryptocurrencies by volume, indicating sustained trader interest at these price levels. This volume profile supports the legitimacy of the current price movement.
The post Bonk Price Reaches All Time High: Dominates Solana Ecosystem with 175% November Gains appeared first on Blockonomi.
