Top Trending Coins for Today, December 24: BONK, SOL, XMAS, INJ, and OP
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This week’s compilation of trending coins showcases three emerging markets, securing positions within the top five trending cryptocurrencies for the week. These emerging markets are complemented by established ones that have demonstrated impressive performance. Both the Bonk and Solana markets were highlighted in last week’s list of top-performing markets. Bonk and Solana currently hold the first and second positions, emphasizing their dominant presence in the market.
Bonk (BONK)
Major Bias: Indecision
Despite the Bonk market’s sideways movement this week, it continues to lead the list of trending coins. Over the past 24 hours, the market experienced a decline of 1.09%, and over the last seven days, it saw a decrease of 10.5%. Given this recent downturn, the market’s top position could be questioned. Yet, when evaluating its performance since it first appeared on the chart last week, it has surged by an impressive 360.22%. This significant growth since its inception might be the primary reason for its current top ranking. Analyzing indicators, as volatility subsides and the Bollinger Bands narrow, indicating a tighter price channel, recent buyers might be considering selling. However, the prevailing bearish sentiment could encounter bullish momentum, leading to market consolidation. There’s potential for the price to rally from the $0.0000177 level.
Current Price: $0.00001895
Market Capitalization: $1,147,057,069
Trading Volume: $197,088,988
Solana (SOL)
Major Bias: Bullish
In the second position is Solana. As we began the week, the market maintained a stable stance around the $74.23 price level. However, by midweek, there was a significant shift favoring the bulls. Starting on Wednesday, a pronounced bullish momentum became evident. This surge is corroborated by the trade volume indicator, which displays strong and aggressive bullish histograms. This momentum drove the market past the $100 price threshold. While the market initially encountered resistance around the $100 mark, the prevailing bullish sentiment eventually propelled it beyond this level. Despite a current faceoff between bulls and bears in the four-hour session, there’s a strong possibility that the bulls will prevail, sustaining the upward trend.
Current Price: $103.13
Market Capitalization: $44,034,625,753
Trading Volume: $3,216,896,865
Elon Xmas (XMAS)
Major Bias: Bullish
Elon Xmas ranks third on the list of trending coins. Starting on Thursday, the market witnessed a notable and positive shift in favor of the bulls, leading to a significant price rally that secured its position on the weekly trending coins list. The market, initiating its upward trajectory from the $0.0019 price level, has established higher support levels at $0.0026 and $0.0036. This formation of higher lows underscores the increased strength exhibited by bullish traders. Additionally, indications suggest that the ongoing bullish trend may persist, with the $0.010 price level potentially on the horizon.
Current Price: $0.0045
Market Capitalization: $5,373,478
Trading Volume: $3,570,271
Injection (INJ)
Major Bias: Bullish
For the Injection market, this week notably favored bullish traders. The market experienced a substantial surge in bullish activity, leading to increased volatility. This bullish momentum actually began last week, enabling the market to surpass the $30.00 price level despite prevailing bearish sentiments around that range. By Monday of this week, the market had exhibited significant upward movement, pushing the price beyond the $40 mark. Given that the Bollinger Bands indicator shows greater divergence in the upper standard deviation than the lower, it underscores the dominant position of the bulls. Consequently, the market appears poised to continue favoring the bulls.
Current Price: $40.7
Market Capitalization: $3,389,532,838
Trading Volume: $292,411,942
Optimism (OP)
Major Bias: Bullish
Despite the Optimism market’s prolonged, slight, and steady uptrend, punctuated by occasional bullish spikes that bolstered the market, a pronounced bullish momentum recently propelled it above the $3.29 price level. This upward movement appears sustainable, given the pronounced histograms in the volume of trade indicator, signaling strong conviction in the bullish market. While the price may undergo a pullback, attributed to an overextended bullish sentiment leading to overbought conditions and subsequent correction, the greater divergence in the upper standard deviation of the Bollinger Bands indicator underscores bullish dominance. This suggests a potential continuation of the trend towards the $4.00 price zone.
Current Price: $57.06
Market Capitalization: $24,153,397,174
Trading Volume: $764,357,415
