- BONK has risen to its highest price in 11 months.
- The increase came after the project introduced one-sided stakeouts.
Shiba Inu token Bonk [BONK] has risen to its highest level since January 5 after introducing unilateral participation in the project's liquidity pools.
On November 2, the “Solana Dog Coin” announced the launch of one-sided liquidity pools, where its users can provide liquidity to the platform with a single asset.
This is in contrast to traditional liquidity pools, which require users to provide two assets in a certain ratio.
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The arrival of the $BONK stake 🥩
Reintroducing $BONK staking powered by @GooseFX1 Dynamic Single-Sided Liquidity Pools.
After months of refining mechanisms and testing contract security, $BONK SSLs are now OPEN to the public.
Unilateral liquidity pools are liquidity pools… pic.twitter.com/2f3VsYq1j0
– Bonk! (@bonk_inu) November 2, 2023
The introduction of this liquidity pool resulted in new money flowing into Solana [SOL] Data from DefiLlama showed that the Layer 1 (L1) blockchain network saw a nearly 10% increase in decentralized finance (DeFi) total value locked (TVL) over the last week.
Data from CoinMarketCap showed.
Source: CoinMarketCap
BONK follows a clear trend
At press time, the meme coin was trading at $0.000002243, still in an uptrend. Confirming the price’s upward trend, the token’s Accumulation Distribution Line (ADL) was heading north at the time of this writing.
The ADL measures the underlying supply and demand of an asset and determines whether traders are actually buying or selling the asset. During periods of strong up or down trends, the ADL moves in the same direction as the price, confirming the current trend.
With a value of -5.39 trillion at the time of writing, BONK's ADL has been trending upward with its price since the price increase began in mid-October.
Another indicator that confirms the clear trend of the BONK market is the Aroon indicator. His Aroon Up Line (orange) was detected at 100% at press time. When an asset's Aroon Up line is close to 100, it suggests that the uptrend is strong and the recent high was reached relatively recently.
Likewise, the BONK Aroon Down Line (blue) was at 0% at the time of writing. This suggests that the alt's recent low was reached a long time ago.
Read Bonks [BONK] Price prediction 2023-24
However, it is important to note that at press time, the momentum indicators Relative Strength Index (RSI) and Money Flow Index (MFI) were delivering overbought readings of 91.56 and 87.53, respectively.
Buyer exhaustion often occurs at these RSI and MFI levels; Therefore, a price correction could be imminent.
Source: BONK/USDT on TradingView
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