Bonk (BONK), a digital currency based on the Solana blockchain, has continued its uptrend, which started at the end of October. From December 2, it surged by another 232% after KuCoin, a cryptocurrency exchange, introduced a new trading option for BONK using USDT (Tether).
In November, BONK’s value dramatically increased by around 900%, making it one of the most successful assets in the crypto market in recent times. This growth is partly due to the overall positive trend in the crypto market during early November.
Its association with Solana (SOL), which has seen a notable price increase to nearly $75, also contributed to BONK’s surge. Despite a staggering 7425% overall increase since October 15, the coin’s price continues to rise, making record highs with each strive.
Upon market release, the price of BONK has been trending down and has decreased from $0.0000052 at its first peak on January 6 to $0.00000017 at its lowest point on October 15. This was the first consolidation after its first pump and led the price back to near its starting point.
This new uptrend from October shows signs that it might end soon. This is indicated both by the wave structure and the daily chart RSI. It formed a typical five-wave pattern out of which the last advancement can be counted from December 2.
The Relative Strength Index reached overbought conditions and is at 89%, but it was already highest at 92% on October 25 and later on November 9, resulting in higher prices. But these two dates did point out a local top, after which the price consolidated. As the wave structure implies the ending wave, we might see a reversal.
It is important to note that there aren’t any signs of struggle, and the price of BONK maintains an upward momentum, so it might continue further up before this reversal is seen. Depending on where the price ends its uptrend, the price target for the reversal can be changed. But if it ends at the current levels, a correction of around 80% would be possible, which would come up to $0.000025.
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.