$BONE Bull Rally Fails to Break Key $1.50 Resistance


• Bone ShibaSwap (BONE) has seen a 53.8% price increase since last month and is set to launch its L2 mainnet on ETHToronto in August.
• On-chain metrics are currently bullish for the token, with 79% of holders profiting from the current prices.
• However, BONE is facing strong resistance at $1.50, which it failed to break through three times this month.

Bullish On-Chain Metrics

Shibarium’s gas fee token Bone ShibaSwap has been gaining traction lately as the hype surrounding the Shibarium L2 mainnet launch grows. As such, key on-chain metrics have turned green for $BONE; according to data provided by analytics firm IntoTheBlock, there has been a steady network growth and a 2.07% hike in ‘In The Money’ holders who profit from the current prices. Additionally, there has been a drop in large transactions and concentration indicating that whales do not seem to be selling their $BONE assets even during price consolidation phases.

$1.50 Resistance Facing BONE

Despite briefly making it back to the TOP 100 by global cryptocurrency market capitalization on Sunday, $BONE has yet to break through its major resistance level of $1.50 – despite attempting to do so three times this month – and currently trades at around $1.47 according to CoinGecko . The last time BONE successfully passed this barrier was in March but it could not hold for more than a week before dropping again below $1.50 support level and eventually falling 90% from its all-time high of nearly $15 per coin in April 2021.

Future Prospects

As we approach ETHToronto conference next month and Shibarium’s L2 mainnet launch around the corner, investors seem optimistic about BONE’s future prospects given its recent gains over the past few weeks leading up to today’s prices near its resistance levels at just under 1$. However, whether or not BONE will manage to break through these levels remains uncertain as it continues struggling against its own historical struggles near these areas over longer periods of time – if successful however this could be a major turning point for investors holding onto BONE tokens long term as well as offering an entry point into Shibarium’s ecosystem for new participants looking gain access into Layer 2 solutions later down the line .


Overall Bone ShibaSwap (BONE) presents an interesting opportunity given its potential upside should it manage break through established resistance levels against itself – although given history this may prove difficult due largely due long term trends pushing against short term rallies . As such caution is advised when entering positions within BONES markets , alongside further research into any associated risks prior investing any significant amount .