Why BONK Meme Coin Price Is Going Up Today?

The price of BONK pumped by more than 20% yesterday alone, bringing more attention to the Solana meme coin.

Solana meme coin BONK has seen a massive 20% rally in the last 24 hours alone. But what’s causing this sudden spike in the meme coin’s price?

Over the last month, BONK has been largely trading within a consolidation between $0.0000183 and $0.0000263. Finally, the token price managed to break out from the consolidation 4 days ago. It had a successful retest just a day after that, with the candlestick closing outside the consolidation.

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The price formed a reversal candlestick two days ago, which later led to a major bullish spike. Hence, the ongoing price spike could be influenced by the continuation pattern on the chart.

The relative strength index is currently around 63, which is not yet in the overbought zone. Additionally, the 50-day and 100-day simple moving averages are already acting as support for the price, all indicating a potential for further continuation.

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According to on-chain metrics from Moralis Money, BONK is currently seeing more buyer growth and buy pressure, with a $536,000 growth in buy pressure from 217 buyers versus a $437,000 sell pressure from 158 sellers.

If the buying pressure continues to grow, we may continue to see an increase in the cryptocurrency’s price.

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