BONK price sets another milestone after breaking 2-month consolidation

After coming out of the consolidation phase, BONK hopes to achieve the milestone of $0.0000712. This aligns interestingly with Bitcoin, which is also experiencing an upward rally. However, BONK is banking on its rally amid the excitement of approval for Spot Ether ETF. In April, Solana-based crypto entered the recovery phase. Since then, it has not let go, potentially sustaining the momentum for a higher recovery.

The current listing is $0.00003254, indicating a 4.50% increase in the past 24 hours. It further reflects a jump of 35.27% in the last 7 days and 56.895 in the last 30 days. It has formed an inverted head and shoulder pattern after growing by more than 148% in recent times. Two technical indicators demonstrate the buying trend. These are Exponential Moving Average and Average Directional Index.

There has been a notable upswing in market cap and 24-hour trading volume. They are up by 9.64% and 2.03%, respectively, at the time of writing this article.

As for the crypto market, it has experienced almost $400 million in liquidation, with the majority of it coming from short positions. The Open Interest is at $69.12 billion with a long-short ratio of 2.46.

BONK has a resistance level between $0.00004 and $0.00006. It will then be on track to surpass the value of $0.00008. The Solana-based cryptocurrency has seen upswings, but Solana is rallying at a lower point. It was last seen exchanging hands at $179.93, down by 0.925 in the last 24 hours. However, it reflects a rise of 25.29% in the last 7 days and 17.13% in the last 30 days.

Its market cap is more than $80 billion, despite a downtrend of 0.92%. The 24-hour trading volume has also declined by 17.72%. SOL ranks 5th in terms of market cap on the list of cryptocurrencies from across the world. Bitcoin dominates it, with Ethereum following closely behind.

BONK is most likely adopting the same trend as BTC and ETH. BTC is close to moving above the $70,000 milestone. It did achieve the mark of $70,001 for a little momentum, but it has now retraced to a lower value. There is still a possibility for BTC to rise as high as $84,000 by the end of next month, which is June 2024. It would then be on track to bank $100,000 by the end of this year.

Ether is listed at $3,745.86 at the time of articulating this piece, up by 2.35% in the last 24 hours. The value is largely driven by the anticipation around the approval of Spot Ether ETF applications. An early judgment is expected to be delivered on May 22, 2024.