- BONK hovers around the $0.00001 support area amid phased market correction.
- Seychelles-based OKX platform enables BONK & JTO trading pairs with USDT.
- The technical chart analyst outlines BONK’s bottom and reveals other key factors.
One of the world’s leading crypto exchanges is attempting to significantly boost the Solana Ecosystem’s tokens. OKX, the Seychelles-based cryptocurrency exchange, will list BONK and JTO tokens at 6:00 AM UTC on January 8, 2024.
Enabling the spot trading pairs at 6 AM, the deposits will be open four hours earlier, while JTO and BONK withdrawals will start at 10:00 AM UTC on January 9, 2024. In contrast to Solana’s memecoin BONK, JTO is a liquidity farming and staking platform’s native cryptocurrency. Jito protocol is used to stake Solana (SOL) and reap the rewards in JitoSOL or MEV, while JTO also serves as the governance token.
BONK Exits TOP 100 Upon 69% Drop from Peak
Currently boasting a market capitalization of $615,630,569, BONK tumbled from the $2 billion mark reached on December 15, 2023. BONK continues to trade in a descending parallel channel, facing the gradual market correction after the all-time high. BONK now retraced 69% of the price record of $0.00003416, set 24 days ago.
Several crypto analysts are measuring the chances of the ongoing BONK price dip as an accumulation opportunity. To illustrate, cryptocurrency chart analyst Easy Zabbo marked the bottom of the market correction at $0.000006, with the target highlighted at $0.00002, a key support level unseen since December 22, 2023.
Zabbo bases his scenario on the fact that BONK has been overbought for quite some time. Apart from the technical indications, crypto traders expect a rebound rally due to numerous major listings for BONK in late 2023, which included Coinbase and Binance. At the same time, the 30M airdrop on Solana SAGA phones served as a major catalyst for a blitz sell-out in the United States.
On the Flipside
- The crypto chart analyst Easy Zabbo alleges that large whales and market makers are driving BONK’s price down to the price areas with the largest trading volumes.
Why This Matters
BONK is among the most watched altcoins in the cryptosphere, recently acclaimed by the largest global crypto platforms.
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