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BONK is the leading meme coin with the most gains in the last week.
Bullish sentiment has begun to rise in the meme coin’s market.
The value of Solana [SOL]-based meme coin Bonk [BONK] has climbed by over 60% in the last week.
During that timeframe, this meme asset took the top spot among all others in terms of growth, based on CoinMarketCap’s recorded data.
During the given timeframe, there was a significant increase in the daily trading volume for BONK, reaching a one-month peak of $697.3 million on the 24th of April, as indicated by Santiment’s data.
This was an 87% jump from the $372 million recorded in trading volume on the previous day.
Bulls force the bears out
Last week marked a notable change in investors’ attitudes towards the market, shifting from pessimistic to optimistic. This transition became apparent for the first time through the reversal in BONK‘s On-Chain Weighted Sentiment.
Based on the data obtained from Santiment, there was a shift from negative to positive values for this specific metric on the 23rd of April, indicating a decrease in pessimistic attitudes.
The MACD line of the meme coin’s price chart shifted above its signal line on the 21st of April, suggesting a return of bullish sentiment among investors.
An upward crosspoint is typically seen as a sign of optimism. It indicates that an asset’s market trend may be changing for the better and could potentially lead to a surge in its price.
Investors view this intersection as a possible chance to purchase or a hint to begin buying for a longer-term investment.
Despite BONK‘s MACD indicator signaling a bullish crossover, it was still below the zero line as of now.
The market displayed evidence of bearish tendencies continuing, yet these trends did not overpower and cause a significant drop.
Will BONK continue rising?
At the moment of writing, the Parabolic SAR indicator of BONK, which reflects the growing optimism among investors, showed the points beneath the asset’s price.
The Parabolic SAR (Stop and Reverse) indicator assists traders in determining market trends and signaling potential reversals. When the dotted lines lie beneath a financial asset’s price, the market is considered to be advancing.
It indicates that the asset’s price is increasing and may continue to do so.
Realistic or not, here’s BONK’s market cap in BTC’s terms
At present, the demand for the altcoin is reflected in its technical indicators. Specifically, its Relative Strength Index (RSI) stands at 56.04, which is above the neutral threshold of 50. Similarly, its Money Flow Index (MFI) amounts to 68.64, also indicating a strong buying momentum.
These values showed that market participants favored BONK accumulation over sell-offs.
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2024-04-25 12:07