Story Highlights
has outperformed major cryptocurrencies like Bitcoin (#BTC☀ ), Solana (SOL), and Ethereum (#ETH🔥🔥🔥🔥 ).
BONK could soar by 30% to reach the $0.000035 level if it closes a daily candle above the $0.000025 level.
Despite a bullish outlook and massive price surge, BONK’s on-chain metrics signal weak market sentiment.
On October 1, 2024, the popular Solana-based meme coin #BONK🔥🔥 (BONK) made a headline as it topped the cryptocurrency market with its impressive performance. In the ongoing struggling cryptocurrency market, BONK has outperformed major cryptocurrencies like Bitcoin ($BTC
), Solana (SOL), Ethereum ($ETH
), and many others with a significant price surge of over 9.5% in the past 24 hours.
At press time, it is trading near $0.0000253 and has experienced significant participation from traders and investors, resulting in a spike of 115% in trading volume during the same period.
BONK #TechnicalAnalysis and Upcoming Levels
According to expert technical analysis, BONK appears bullish and is poised for a significant upside rally in the coming days. Recently, it experienced a breakout from a strong resistance level of $0.000022 and consolidated for two days. With an impressive price surge today, it broke the consolidation zone, indicating a bullish signal.
Source: Trading View
Based on the historical price momentum, if BONK closes its daily candle above the $0.000025 level, there is a strong possibility it could soar by 30% to reach the $0.000035 level in the coming days.
Currently, BONK is trading above the 200 Exponential Moving Average (EMA) on a daily time frame, indicating an uptrend. The 200 EMA is a technical indicator that determines whether an asset is in an uptrend or downtrend.
BONK’s On-Chain Metrics
Despite a bullish outlook and impressive price surge over the past 24 hours, BONK’s on-chain metrics signal fragile market sentiment. According to the on-chain analytics firm Coinglass, BONK’s Long/Short ratio currently stands at 0.99, indicating a weak sentiment among traders. However, a value above 1 indicates bullish market sentiment.
Source: Coinglass
Additionally, its future open interest has declined by 3.8% in the past 24 hours, indicating that traders have liquidated their positions, potentially due to the current market sentiment as major cryptocurrencies are experiencing significant price declines.
