Dog-Themed Solana Memecoin BONK’s Price Surges, Experts Say ‘Resistance Zone is on the Horizon’—But There’s a Catch

Popular memecoin BONK (BONK) saw its price surge over 8% in the last 24 hours according to the latest data from CoinMarketCap. The dog-themed cryptocurrency, which runs on the Solana blockchain, was trading hands at $0.000016 at press time with $523 million worth of BONK changing hands over the previous day.

The price pump comes as crypto analyst Ygcrypto points out that BONK appears to be testing a key resistance level. “A test of the resistance zone is on the horizon, so be ready to take profits if needed,” the analyst stated on X, identifying support at $0.0000133-$0.0000136 and resistance at $0.0000165-$0.0000177. However, they added that a further pump may be incoming for the memecoin.

Market Capitalization Milestone

The surge comes after SolanaFloor announced on X that BONK had reclaimed its $1 billion market capitalization. The achievement highlights the memecoin’s resilience even amidst the ongoing crypto winter that has battered cryptocurrency prices.

Significantly, BONK brands itself as the first dog-themed coin native to Solana. Moreover, 50% of the total supply was airdropped to Solana community members, which has likely contributed to its grassroots-style growth.

Additionally, the coin’s community-focused approach could make it more impervious to external market forces. Hence, the recent recovery may indicate substantial support amongst BONK enthusiasts who remain bullish on the project’s long-term prospects. Consequently, the meme coin’s setup positions it well to potentially challenge the next resistance zone identified by Ygcrypto should positive momentum continue.

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