SOL’s relentless rally has left both believers and non-believers in awe. That said, one altcoin on Solana has stolen the show – BONK.
In the same time period that SOL pumped by 210%, BONK has far surpassed that number with a 3100% rally. Of course, much of this has to do with BONK being a far more illiquid and smaller market cap coin than SOL is.
BONK has also managed to hit an ATH – something that is seen as a very strong signal across all markets. But then why even think about it being the top for BONK?
Well, for starters, SOL’s rally has been halted after it hit $68. And seeing how BONK has pretty much mirrored SOL’s price action, it wouldn’t be unreasonable to assume that this continues and BONK produces some sideways price action if not corrective.
Also, Binance has announced a perp listing for BONK, which would be in a couple of hours from the time this is published.
In April this year, we had PEPE go from essentially a $0 market cap to $1B. It was almost vertical with few sharp but quick dips; however, as soon as perps for it were listed on Binance, the price topped, after which the price fell by 87% before finding a bottom.
Now, it isn’t guaranteed to work (nothing is), but if history were our guide, the likelihood of this transpiring is quite high. That said, only time will tell!