Over the past 24 hours, Meme Coin Coin BONK based on the Solana platform has increased by 12%. It surpassed leading Meme Coins Pepe (PEPE) and Shiba Inu (SHIB), which fell 3% and 7%, respectively, over the same period. This price rally is largely driven by excitement surrounding the BONK/USDT trading pair, which was recently launched on Binance.US.
Along with BONK’s price increase came a significant increase in trading volume. This points to strong interest from the market and the potential for continued upside momentum.
BONK Soars, Thanks to Binance
On Tuesday, Binance announced that BONK is now listed on Binance.US. Deposits for BONK on the Solana network opened the same day, evoking excitement and a boom in activity around the coin. Its price has increased 12% since then. Additionally, its trading volume has skyrocketed 39%, reaching $2 billion in the past 24 hours.
When trading volume increases sharply along with a price increase, it signals strong market interest and conviction behind the price move. Greater volume during a bull run indicates that more participants are buying, which adds credibility to the uptrend. This indicates that BONK’s double-digit rally over the past 24 hours was not driven by pure speculation; Market participants are in demand with this Meme Coin Coin.
Furthermore, TinTucBitcoin’s review of the 12-hour chart of BONK/USD confirms the increase in buying pressure. At the time of this writing, Meme Coin Coin’s Chaikin Money Flow (CMF) index, which records the flow of money into and out of the market, is above the zero line and trending up at 0.26.
CMF values above 0 indicate buying pressure is higher than selling pressure. It suggests that the market is witnessing steady cash inflows and is in an accumulation phase.
BONK Price Forecast: Further Growth Ahead
At the time of this writing, Meme Coin Coin BONK is trading at 0.000034 USD. A double-digit rally over the past 24 hours pushed its price above the resistance at $0.000033. If the buying momentum sustains, Meme Coin Coin could turn this level into support, pushing it towards $0.000038. A successful breakout through this level would put BONK in position to climb 29% and reach $0.000044, the high seen in June.
However, if BONK fails to establish support at $0.000033, it could face fresh downward pressure. In this scenario, Meme Coin Coin BONK price could lose its new gains and trend lower to $0.000026, weakening the bullish outlook.