In a couple of days, Solana dog cryptocurrency Bonk (BONK) has gained over 200% in a stealthy manner. The seventh-largest cryptocurrency, Solana (SOL), seems to be leading the positive wave that BONK is riding, as SOL continues to beat other big cryptocurrencies in the current bull run.
Among cryptocurrencies, “Ethereum killer” Solana has performed very well, increasing by more than 220% annually. According to CoinGecko statistics, Solana crossed $54 for the first time since May 20, 2022, bringing its weekly gains to 32% and monthly advances to an astounding 158.5%.
The Solana dog coin BONK seems to be profiting from the extra attention SOL looks to be receiving, according to on-chain analytics company Santiment, which notes that conversation rates on SOL have soared once more.
BONK forms golden cross
BONK’s recent rally seems to have been supported by a positive technical chart pattern. This week, BONK responded with a sharp increase following the appearance of a bullish configuration on its daily chart—a golden cross.
When a short-term moving average crosses over a long-term moving average, a bullish chart pattern known as a “golden cross” may form, suggesting that the price of the cryptocurrency is set to rise. With its daily MA 50 rising above the daily MA 200, BONK verified this bullish crossing.
After falling as low as $0.000000178 on October 20, BONK started to climb. Prior to this time, BONK had gone through weeks, if not months, of price stagnation.
Days after a golden cross formed on November 9, the rally picked up steam, sending BONK up more than 100% in less than 48 hours. On Nov. 10, the rise peaked at highs of $0.00000293, when bulls encountered resistance.
As of this writing, BONK is down 2.44% over the last 24 hours to $0.000002081; this indicates that profit-taking is now occurring. However, in the previous seven days, it has surged by almost 200%.
