CandleFocus BONK Volume Reaches $1 Billion, Yet Price Faces Hurdles After 43% Surge
2024-11-11
Author: Content Editor
Bonk, a meme coin on the Solana blockchain, has reached a volume of $1 billion, indicating rising interest in the coin. However, on-chain analysis suggests that this may not be a bullish sign. The price of BONK has remained around $0.000026, making it challenging for the coin to build on its recent 43% rise. The Weighted Sentiment metric also shows bearish sentiment for BONK, potentially weakening demand. The daily chart and the Money Flow Index suggest that BONK could move higher, but there is a possibility that the coin is becoming overbought, which could lead to a drop in value. If BONK finds strong support at $0.000026, the price could rally to $0.000030.
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