Key Takeaways
- BONK breaks out of a bullish pattern, opening the path for a 22% rally.
- BONK’s top 100 wallet addresses increased their holdings from 56.82 trillion to 57.47 trillion.
- 68.24% of Binance traders are taking long positions on BONK.
Bullish sentiment around the popular meme coin Bonk (BONK) is heating up, as token transfers, on-chain data, and a recent breakout suggest a potential reversal. The price uptick is already evident, with the coin jumping 4.55% over the past 24 hours.
BONK Price and Rising Volume
With this rally, BONK has reached the $0.0000235 mark and is witnessing mass participation from crypto enthusiasts. Data from CoinMarketCap reveals that BONK’s 24-hour trading volume surged by 35%, indicating heightened activity from investors and traders.
Technical Analysis and Price Action
TimesCrypto’s technical analysis reveals that BONK’s recent price uptick has confirmed a breakout from a bullish falling wedge pattern formed on the daily chart. Additionally, the meme coin has crossed the 200-day Exponential Moving Average (EMA), strengthening the bullish momentum and signaling a potential reversal.
Based on the current price action, if BONK holds above the $0.0000215 level, the meme coin could see a 22% price jump, potentially reaching $0.0000288. However, failure to maintain this support may lead to extended consolidation.
At press, the Average Directional Index (ADX) has moved above the 26 level, suggesting a strong upside trend for the meme coin, which further strengthens BONK’s bullish outlook.
Experts Eye Potential 200% Rally
Given the current market sentiment, a prominent crypto expert shared a tweet noting that BONK’s previous downtrend lasted 50 days before the price rallied over 200%. This time, BONK’s downtrend lasted 52 days before the breakout, suggesting that the coin may repeat its historical pattern.
The expert also noted that history doesn’t repeat exactly but often rhymes. According to the post on X, experts have noted that BONK may see a +200% rally.
BONK whale’s strong participation and continued accumulation have also strengthened the meme coin’s bullish outlook.
Whales BONK Transfer Intensifies
Data from the on-chain analytics tool Nansen reveals that BONK’s top 100 wallet addresses showed significant accumulation, with their holdings increasing from 56.82 trillion to 57.47 trillion, nearly equivalent to 1% of the overall supply.
Strong Retail and Trader Interest
Meanwhile, retailers and long-term holders also appear to be accumulating BONK. Data from the on-chain analytics tool Coinglass reveals that over $3.44 million worth of BONK has left exchanges in the past 24 hours. These significant outflows suggest potential accumulation and may strengthen BONK’s price uptick.
This bullish activity also appears to be followed by traders. Coinglass data shows that the Binance BONKUSDT Long/Short ratio has reached 2.15, meaning that for every 2.15 long positions, there is one short position. Currently, 68.24% of Binance traders are taking long positions, while 31.76% are in short positions.
Combining these metrics, it appears that bulls are dominating and may support the meme coin’s rally toward the next resistance level in the coming days.
