Solana dog coin Bonk (BONK) has quietly surged, gaining more than 200% in a matter of days. Most apparently, BONK is riding off the bullish wave initiated by the seventh largest cryptocurrency, Solana (SOL), which remains an outperformer among major cryptos in the ongoing bull run.
"Ethereum killer" Solana has made a standout performance among altcoins, rising more than 220% yearly. Solana topped $54 for the first time since May 20, 2022, increasing its weekly gains to 32% and monthly advances to a remarkable 158.5%, per CoinGecko data.
On-chain analytics firm Santiment observes that discussion rates on SOL have again spiked: Solana dog token BONK appears to be benefiting from the increased attention SOL appears to be receiving.
BONK forms golden cross
The recent surge in BONK also appears to be aided by a favorable technical chart pattern. BONK reacted with a big rise this week after a bullish formation, a golden cross, showed on its daily chart.
A golden cross is a bullish chart pattern that occurs when a short-term moving average crosses over a long-term moving average and may indicate that the cryptocurrency's price is about to climb. BONK confirmed this bullish crossover with its daily MA 50 climbing above the daily MA 200.
BONK began to rise after hitting a low of $0.000000178 on Oct. 20. BONK had experienced weeks, if not months, of price stagnation before this period.
On Nov. 9, just days after the formation of a golden cross, the rally escalated, with BONK soaring more than 100% within 48 hours. The surge peaked at highs of $0.00000293 on Nov. 10, where bulls ran into resistance.
BONK is now experiencing profit-taking, down 2.44% in the previous 24 hours to $0.000002081 at the time of writing. It has, however, increased by more than 200% in the last seven days.