Bonk (BONK), a dog coin issued by Solana, has surged in value by over 200 percent in a matter of days.
BONK appears to be capitalizing on the favorable momentum set in motion by Solana (SOL), the seventh-largest cryptocurrency, which continues to outperform other major cryptocurrencies in the current bull run.
Solana, the “Ethereum Slayer,” has performed exceptionally well among altcoins, increasing value by over 220% annually.
For the first time since May 20, 2022, Solana surpassed $54, resulting in extraordinary monthly and weekly gains of 158.5% and 32%, respectively.
The on-chain analytics firm Santiment has once again observed an increase in SOL discussion rates: BONK, a Solana dog token, seems to be appreciating the heightened interest that SOL is currently garnering.
The recent upswing in the dog coin seems to be supported by a favorable technical chart pattern. This week, BONK surged significantly due to a bullish formation, a golden cross, that appeared on its daily chart.
When a short-term moving average crosses above a long-term moving average, a bullish chart pattern known as a golden cross may indicate that the price of a particular cryptocurrency is about to increase. BONK confirmed this bullish crossover as its daily MA 50 surpassed the daily MA 200.