Bonk Skyrockets 171% After Breakout as Market Cap Hits $3.07B and Volume Nearly Doubles

News

  • Bonk price jumped 21.5% in 24 hours, reaching $0.00003801.
  • Market cap rose to $3.07B as 24-hour volume surged 98.7% to $2.6B.
  • Token gained 171.36% from the breakout after leaving a descending channel.

Bonk has delivered a major upward move, posting substantial gains following a prolonged consolidation phase. The token cost has increased drastically, as it currently costs $0.00003801, a 21.5% rise over the previous 24-hour duration. 

This rally is quite a turnaround as far as price action is concerned, as it occurred after a series of tepid trading sessions. The action is a breakout of a descending channel that had been characterizing the market structure over the course of several weeks. The recent rush has not only increased the price but has helped push major market indicators to record levels. 

Source:CoinMarketCap

Bonk’s market capitalization stands at $3.07 billion, representing a 21.56% increase in the same 24-hour period. Trading activity has intensified significantly, with 24-hour volume reaching $2.6 billion, which is an impressive 98.7% rise compared to prior sessions. The fully diluted valuation (FDV) has also expanded to $3.37 billion, reflecting the increased buying interest across exchanges. This combination of rising price and volume underscores heightened participation from market players during this surge.

Price Action Shows Breakout Momentum

Price action on the 8-hour chart reveals an evident change from a descending channel to an aggressive uptrend. Bonk was trading within a down-sloping range in May and June, constantly testing support levels before finding stability. 

Source:(X)

Price action reversed in early July, cutting through the upper end of the channel and triggering an extended rally. The token progressed aggressively from that point, posting a 171.36% gain from the breakout level. Current price levels place Bonk near its recent highs, with no immediate signs of reversal appearing on short-term charts.

Inflows and Rising Liquidity Signal Momentum-Backed Rally

Liquidity has also improved with inflow of volume gaining momentum during the breakout. The current volume-to-market-capitalization ratio of 84.56% shows healthy trading status when compared to the market size. 

This indicator pinpoints the contribution of liquidity to the rally, as it allows a steady movement of prices without significant slippage. Market participants continue to monitor these dynamics closely as elevated volume often correlates with stronger momentum phases. The surge also coincides with improving sentiment, which has contributed to sustained demand in recent sessions.

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