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Bonk Price Soars 30%, Here’s Why Rally Could End Soon

Solana meme coin Bonk (BONK) price rallied more than 30% in the last two days, backed by a robust increase in trading volumes amid the broader crypto market recovery that saw Bitcoin briefly surpassing the $48,000 level. Bonk price has been moving range-bound along with profit booking in Solana in January and a breakout in BONK price failed after the Solana outage. The momentum continued in BONK price as it rebounded from the strong support level around $0.0000098, with a massive rise in trading volumes. Other indicators including Bollinger bands and RSI supported a confirmed bullish price action. The rally may not sustain for long due to profit booking by investors. 

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