BONK, a meme coin based on the Solana blockchain, has experienced a remarkable surge, reaching a three-month high with a 15% increase in just 24 hours. Its market capitalization has also soared to $2.5 billion, surpassing FLOKI and securing the fifth spot among meme coins.
This surge in the cryptocurrency market has been fueled by the recent approval of Ethereum ETFs by the US Securities and Exchange Commission (SEC). Ethereum (ETH) has been one of the top performers, witnessing a 30% rise in the past month. However, other cryptocurrencies have also achieved impressive gains, with some even outperforming Ethereum.
One standout performer is Bonk (BONK), which has risen by 14% in the last day and an astonishing 40% over the past week. Currently trading at approximately $0.00003342, it has reached its highest value in nearly three months. The market capitalization of BONK is now close to $2.5 billion, overtaking Floki (FLOKI), which holds a market cap of $2.2 billion, and claiming the fifth-largest position among meme coins.
Looking ahead, analysts believe that BONK’s rally may continue as it breaks out of a two-month consolidation phase. The bullish momentum of BONK could present buying opportunities even if a correction occurs.
To sustain its recent highs, it is crucial for BONK to maintain a price above $0.00003312, which would indicate potential resistance levels at $0.00003421 and $0.00003576. If these levels are surpassed, BONK could target prices of $0.00003890 and possibly $0.00004021. However, if BONK fails to hold above $0.000033, it could drop to support levels at $0.00003106 and $0.00002983, potentially leading to a bearish trend toward $0.00002507.
Examining historical data, BONK’s previous cycle saw its price fluctuating between $0.00002431 and $0.00003738 before reaching its all-time high of $0.00004704.
In addition to BONK, another meme coin called Pepe (PEPE) has gained significant attention. It set a new all-time high on May 23, only to break that record again on May 24. Currently valued at around $0.00001411, PEPE has experienced an 80% increase over the past month. Its market cap has surpassed $6 billion, making it the third-largest meme coin and the 20th-largest cryptocurrency overall.