BONK Hits New ATH and Flips dogwifhat as Top Solana Memecoin

• BONK hits a new ATH of $0.00005916, surpassing dogwifhat (WIF) to become the largest Solana memecoin by market cap.
• South Korea’s largest crypto exchange, Upbit, lists BONK in its Korean Won trading market.

Today, BONK, the leading Solana-based memecoin, has made a significant breakthrough. It reached a new all-time high of $0.00005916, surpassing dogwifhat (WIF) to become the largest Solana-based memecoin by market cap. Currently, it holds the position of the fourth largest meme coin in the overall cryptocurrency ranking.

Adding to the excitement, South Korea’s largest crypto exchange, Upbit, has announced the listing of BONK on its Korean Won trading market, further increasing its visibility and accessibility.

BONK has successfully broken free from the prolonged bear trend, where it struggled to surpass the $0.00003 level since late July. The “Ichimoku Cloud chart confirms a strong uptrend for BONK,” signaling that the bulls are in control.

At the time of writing, BONK is priced at $0.00005643 (22% increase) and has a market cap of $4.23 billion. Additionally, its daily trading volume has surged by 94.91% in the last 24 hours, reaching $2.88 billion.

Technical Analysis and Short-Term Outlook for BONK

According to the BONK/USDT trading pair, the memecoin’s price has returned higher in the intraday levels, confirming the breach of the pivotal resistance at $0.00005003, which led the way to the all-time high. 

This move is supported by the upward short-term trend, with positive pressure from trading above the 50-day SMA ($0.00002603). Also, the positive signals from the RSI on the 4-hour price chart suggest there is room for further upside.

Moreover, the MACD line crossing above the signal line indicates strong bullish momentum, suggesting that the price may be poised to move upward. This crossover suggests that the short-term price momentum is stronger than the longer-term momentum.

Therefore, more gains for BONK are expected. Currently, it settles firmly above $0.000055, targeting the resistance at $0.00006325.

However, on the daily chart, an RSI of 82 indicates that the asset is overbought and may be due for a potential price correction or consolidation. In that case, BONK could fall to immediate support at the 9-day SMA of $0.00005307, or even to $0.00004316, which could lead the memecoin to fall below $0.00003253.

For insights on BONK’s long-term move, keep an eye on TheNewsCrypto’s BONK price prediction. 

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