According to an analysis, the bullish formations that emerged on the BONK price chart indicate a 250 percent rally.
According to on-chain data, $45.73 million worth of BONK was recently withdrawn from centralized exchanges, a move seen as preparations ahead of a potential rally.
BONK, the popular memecoin on the Solana blockchain, continues to gain strength due to increasing demand and whale interest. An analysis by AMBCrypto noted that a bullish pattern is forming on BONK’s daily chart.
This model was predicted to indicate a 40 percent increase in the short term and a 250 percent increase in the long term.
BONK price analysis
Solana-based memecoin BONK has begun to recover from the sharp price drop it experienced on Dec. 10 and has once again attracted the attention of investors. This suggests that BONK is preparing for a potential breakout.
According to Coinglass data, there is a significant outflow of BONK from exchanges as interest from whales and long-term BONK holders increases. According to AMBCrypto, BONK continues to be withdrawn from exchanges as of December 2024.
According to the analysis, it seems possible for BONK to reach $0.0000545 in the short term, and if this level is exceeded, the next target will be $0.000137. The rising triangle formation on BONK’s chart has increased investor expectations.
The analysis continued:
“Based on recent price action, BONK is expected to reach $0.0000545 shortly. A 40% increase is likely.”
AMBCrypto suggested that if the bullish momentum and sentiment in the memecoin continues, a long-term rally could begin.
BONK is currently trading at $0.0000376 and has a market cap of $2.844 billion.