Key Takeaways
- Bonk (BONK) was the most bought token by smart money over the past 24 hours.
- BONK’s on-chain holders are now approaching 1 million.
- Price action hints at a potential 13% crash if BONK fails to hold $0.00002245, whereas a quick rally could occur if it clears the $0.00002640 level.
Investor interest and confidence in the popular Solana-based meme coin Bonk (BONK) have reached peak levels, despite its price continuing to decline. Over the past 24 hours, the meme coin has lost 5.10% of its value, but investors and retailers have seized this as a buying opportunity.
Smart Money Eyes Bonk (BONK)
Recently, a leading smart money tool, Stalkchain, shared a post on X revealing that BONK was the most bought token by smart money in the past 24 hours, followed by CARDS and JLP.
This indicates that demand for BONK in the market has skyrocketed, which typically occurs when smart investors see strong potential in the asset.
Not just that, a Solana project reporter revealed that Bonkfun saw a 25% surge in market shares over the past 24 hours. This surge occurred as Pump.fun dominance dropped, hinting at a potential shift in investor sentiment and interest from PUMP to BONK. In addition, BONK’s on-chain holders are now approaching 1 million.
All these metrics collectively strengthen BONK’s bullish outlook.
BONK Current Price Momentum
However, the impact of these developments has not yet been reflected in BONK’s price. The meme coin is currently trading near $0.00002303, having slipped 5.10% over the past 24 hours.
During the same period, investor and trader activity has decreased, resulting in a 31% drop in trading volume. This suggests that market participants are not pursuing the downside momentum, which is a positive sign for holders.
Bonk (BONK) Technical Outlook: Key Levels to Watch
TimesCrypto’s technical analysis reveals that BONK is currently at a make-or-break point. The coin recently broke out of a descending trendline on the daily chart but failed to sustain the momentum. With the ongoing price decline, it is now testing a key support level at $0.00002245.
Based on the current price action, if the ongoing decline continues and BONK falls below the $0.00002245 level, the meme coin could enter a downtrend, potentially resulting in a 13% price drop.
Conversely, a bullish outlook or a BONK rally would only be possible if it breaks the $0.00002640 resistance level. If this occurs, a strong 30% price uptick could be expected.
Despite the price continuing to decline, BONK’s Supertrend indicator still holds a green thread below the coin’s price. This indicates that BONK remains in an uptrend with strong buying pressure.
BONK appears to be in the middle of the Bollinger Bands, indicating that the token is in a consolidation phase, with neither strong bullish nor bearish momentum.
