Bonk, the memecoin project hosted on the Solana blockchain, has seen an increase of nearly 20% over the past four days.

BONK, which was launched in 2023 to revitalize the Solana ecosystem and attracted great attention, has recently fallen behind WIF and MOODENG. MOODENG, in particular, managed to become the best-performing memecoin of the week with an increase of nearly 400% in the last week.

There have been comments that the increasing memecoin activity on the Solana blockchain could lead to BONK rising again. AMBCrypto revealed signals of a potential breakout in its analysis.

BONK Price Analysis$BONK

BONK attracted attention among the top 100 altcoins by market value with its performance. The memecoin, which has gained strong momentum, may rise in the last quarter of the year.

According to the analysis, a consolidation process was observed with a symmetrical triangle formation on the BONK chart. It was stated that this consolidation, which was interpreted as an accumulation phase, was nearing its end.

“The price is approaching the resistance of this formation,” AMBCrypto said, continuing, “This period is historically bullish for the crypto market. The symmetrical triangle that has formed since the beginning of the year shows that traders and investors have accumulated a significant amount of BONK. According to the data, the upside potential seems imminent.”

The BONK/USDT pair formed a triple bottom at $0.000016. The symmetrical triangle formation indicates that these triple bottoms are a reversal sign.

Among the indicators supporting BONK's rise is the MACD data. The MACD, which calculates the difference between the asset's two important moving averages, has given an upward signal after a long break. The analysis, which interpreted the MACD data as "showing buying momentum", said, "This data reinforces the idea that the price can overcome resistance and rise significantly."

The analysis predicted that MACD and symmetrical triangle breakouts could propel BONK price higher by more than 70%.