Is BONK Set for Further Gains After Soaring 25% in One Day?

• BONK jumps 25% in 24 hours, trading at $0.00002254.
• Market cap climbs to $1.81 billion with strong volume support.

Bonk (BONK) extended its explosive rally on July 6, gaining over 25% in the past 24 hours to trade at $0.00002254. This surge pushed its market capitalization to $1.81 billion, marking a 25.09% rise. 

With a fully diluted valuation (FDV) of $2 billion, BONK now holds the #44 spot among cryptocurrencies. Its trading volume spiked 123.71% to $1.32 billion, resulting in an elevated volume-to-market cap ratio of 73.32%, which underscores intense trading activity.

Can BONK Push Higher?

The recent upswing broke past the consolidation range that previously capped BONK under $0.00001800. If the current strength sustains, the next resistance lies near $0.00002400. A successful close above this ceiling could expose BONK to a bullish continuation toward $0.00002650. 

However, if the price slips, short-term support emerges around $0.00002000. A drop below this base may drag the token to the $0.00001780 zone, where prior accumulation occurred.

From a technical standpoint, the Relative Strength Index (RSI) surged to 74.63, overtaking its moving average at 50.72. This divergence indicates overbought conditions, although strong momentum typically accompanies such spikes. The RSI’s bullish crossover signals heightened interest and increased upside potential, especially if buyers maintain pressure.

Meanwhile, the Chaikin Money Flow (CMF) rose to 0.36, reflecting strong capital inflow. The positive CMF confirms that accumulation is intensifying, often preceding sustained upward price movement. 

The chart also reveals expanding green candles above all key moving averages, suggesting a bullish trend across multiple timeframes. No bearish crossover has emerged, affirming the ongoing bullish control. If this alignment holds, further gains could materialize swiftly, particularly if the macro market sentiment remains risk-on.

Despite the rally, BONK faces a key test near the $0.00002400 mark. Any rejection there might trigger short-term consolidation. Still, with strong fundamentals, improved liquidity, and a deepening investor base of over 111,000 holders, sentiment remains optimistic.

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