HONK price surged 144% in the past 24 hours to $0.0237 as of 1:30 AM EST. Trading volume surged 129% to $7.5 million. HONK is a meme coin newly introduced to the Solana blockchain, entering the market earlier this week and boosting its popularity by showcasing a funny goose mascot that attracts the attention of individual investors.
HONK has experienced significant growth in its first two days of trading, reaching a market cap of $9.7 million and a weekly gain of 6,34%.
“HONK’s primary goal is to take competition with BONK to a whole new level and leverage the power of memes to propel itself to the top of the memecoin space on the Solana blockchain,” the token’s description on CoinMarketCap states.
HONK Price Faces Resistance, Can Bulls Maintain Momentum?
HONKUSDT chart analysis. Source: Tradingview.com
HONK price experienced a brief consolidation period after the gains, from which investors made huge profits, reaching the $0.020 resistance point. However, the bulls have gathered enough energy to push the price higher and break out of the consolidation phase. The $0.031 resistance level prevented the bulls from making further profits as the price has been tested three times. This allowed the bears to apply pressure, causing the price to fall. The 50-day Simple Moving Average (SMA) is also bullish and acts as a support for the price. The Relative Strength Index shows a rebound above the 50 neutral level. If the bullish momentum continues, the RSI is likely to rise back to overbought levels.
HONK Price Prediction
The overall trend of HONK is bullish and the 50 SMA is bouncing off the uptrend. If the bullish momentum continues, the bulls might reach a high of $0.04 above the current $0.031 resistance level. However, if the price breaks below the 50 SMA, this might force the bulls to seek shelter at the $0.012 support zone.
If you are looking for a token with similar potential, Sponge V2 is providing such an opportunity. After its launch last year, many investors have already included Sponge V2 in their portfolios.
Sponge V2 aims to emulate the notable success of Sponge V1, which had a support base of 13,000 holders and was listed on more than a dozen exchanges including LBank, Toobit, CoinW, BTCEX, and BitMart.
Tron founder Justin Sun bought $SPONGE worth more than $90,000 last year, which helped boost sentiment towards the token. This was after he expressed interest in trading meme coins and promising projects in a post in May 2023.
If you hold $SPONGE, you can stake your tokens and earn $SPONGEV2, with an annual interest rate of up to 270%. The total value of staked SPONGE tokens has exceeded 5.9 billion.
The Sponge team will also launch "Sponge Racer", a play-to-earn game that is expected to attract new investors and players. The game will be open to everyone, with both free and paid versions. The power source of the game is the fascinating Bikini Bottom, where you can collect Sponge tokens during exciting underwater adventures, which create opportunities to explore iconic scenes and unlock beneficial incentives.
To join, you can first visit the official website of Sponge V2 and link your digital wallet to exchange your ETH or USDT for V2 tokens. You can also purchase directly with a bank card.
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