Surging Revenues for Solana’s LetsBonk as BONK Price Rallies
In a remarkable turn of events, Solana’s memecoin launchpad LetsBonk reported a staggering 24-hour revenue of $1.04 million on Monday. This figure is nearly double the revenue generated by competitors like Pump.fun, which tallied $533,412, according to data from decentralized finance platform DefiLlama. The surge in revenue coincides with a notable increase in the price of Bonk (BONK), which has been on a significant upward trajectory since LetsBonk’s launch on April 25.
Analyzing BONK’s Price Movements
The recent trend for BONK reveals an intriguing potential for further gains. Following a low of $0.000011 on June 22, BONK’s pricing momentum picked up substantially, particularly after breaking above key moving averages last Friday. The daily chart suggests that the 20-day exponential moving average (EMA) of $0.000017 has started to point upwards. Meanwhile, the relative strength index (RSI) sits firmly in positive territory, indicating that bullish sentiment prevails among investors.
As the market currently stands, if the buying pressure remains strong without significant intervention from bears, the BONK/USDT trading pair could target the notable resistance level at $0.000026. This price point marks a crucial area to monitor because a decisive breakout above this level would confirm a double-bottom pattern. Should this occur, the pair might ascend towards its pattern target of $0.000041, fueling optimism among investors.
However, caution is warranted. The 20-day EMA acts as critical support; if the price were to fall below this marker, it would likely confine trading within the range of $0.000011 to $0.000026 for an extended period. Trading dynamics on shorter time frames indicate caution; the BONK/USDT pair recently dipped below the 20-EMA on the 4-hour chart, signaling profit-taking among short-term buyers.
Looking ahead, the pair may retrace to the 50% Fibonacci level, estimated at $0.000020, where buyers are anticipated to re-enter. Should a rebound from this level occur, it could propel the price back above $0.000024. Nonetheless, if the price slips beneath $0.000020, further downside could bring the pair closer to the 50-SMA. This would likely delay a continued bullish momentum, adding a layer of volatility to current market sentiment.