Solana-Based Token Skyrockets by 101 Percent

• Bonk, a token based on the Solana has surged by 111 percent in the last seven days. 

• Solana has also surged to $36 with a completely bullish market sentiment expected to send the price to $40. 

In anticipation of the ongoing web3 developers at Solana Breakpoint 2023 in Amsterdam, a Solana-based meme coin, Bonk (BONK), has made a huge mark in the ecosystem with incredible price growth. Bonk has in the last seven days surged by a whopping 111 percent to trade at $0.00000066393625. With a neutral market sentiment, the asset has also surged by 9 percent in the last 24 hours.

This put it on the watchlist of analysts. Bonk currently has a market cap of $35,966,442. A quick look into this groundbreaking short-time surge discovered a significant increase in demand. According to analysts, the meme coin has a 24-hour trading volume of $20,807,342. 

Miles Deutscher, a renowned crypto expert, spoke about this incredible move. 

There are 2 scenarios here: 1. SOL tops around Breakpoint, and BONK retraces even further – fitting my SOL short-term short bias. Or, 2. This is the start of a proper move, and meme-coins gain steam.

This implies that the 24-hour trading volume which is more than half of the market cap could be a sign of an upcoming liquidity crisis. However, the asset could avoid this, and end up dragging the likes of Dogecoin, Shiba Inu, and Floki Inu up the price curve. 

Solana Breaking Resistance Levels 

Solana has also had its fair share of the recent rally as the asset surged by 4.89 percent in the last 24 hours to hit a crucial resistance level at $36.30. In the last seven days, Solana has surged by 15.96 percent. The asset is currently the 7th largest crypto with a market cap of $15,380,414,308 and 24-hour trading volume of $15,380,414,308. 

Since the collapse of the FTX empire, Breakpoint has been the first major event organized by Solana. According to analysts, the success of the event could either make or break the market as investors look on with bated breath. On the best side, Solana can hit $37, and continue to the $40 price point. However, the asset could fall to $30 when bears resist a bullish extension. At worst, Solana (SOL) may pull back to $26. The analyst also expects traders who purchased at $30 to sell at the current position. When this happens, the price could fall by a considerable margin. 

The Breakpoint conference comes to an end on November 3 and has a list of renowned artists, developers, content creators, policymakers, students, etc in attendance. 

Meet us at BreakpointW. e’ll be in Amsterdam all week for Solana Breakpoint. Catch up with @DooWanNam and @nneomack if you want to chat governance.

The failure of the FTX empire would be one of the issues to be discussed at the event. 

The initial funds left both FTX and Alameda, where they then moved to intermediary wallets before they were sent to the two exchanges. Tracking their movements is made simple with our Entity Profiler which consolidates known FTX and Alameda EVM addresses into one place.

Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.