Story Highlights

  • If the popular Bonk (BONK) records a daily close above $0.0000248, it could surge by 30% to $0.0000335 levels.

  • BONK’s open interest has surged 30% in the past 24 hours, suggesting that traders may have taken positions.

  • BONK’s relative strength index (RSI) is within the range that suggests an upside rally is likely in the future.

The popular Solana-based meme coin Bonk (BONK) has been making waves in the cryptocurrency space with its outstanding performance. On October 16, 2024, the meme coin led the cryptocurrency market, outperforming many top cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and more.

BONK Current Price Momentum

According to CoinMarketCap, BONK is trading near $0.000025, with its price up more than 15% in the past 24 hours. During the same period, its trading volume has grown 35%, indicating increased participation from traders and investors.

BONK Technical Analysis and Upcoming Levels

When analyzing the daily chart, BONK looks bullish and is expected to rise sharply in the coming days. The memecoin broke out of its critical resistance level on September 27, 2024, and closed its daily candle above this level and the 200-day exponential moving average (EMA). Since then, BONK has been consolidating between $0.000024 and $0.000019.

Source: Trading View

With the recent price surge, BONK has broken out of the consolidation zone and currently there is no resistance level to hinder its rise. If BONK closes the daily chart above $0.0000248, there is a high chance that the meme will surge by 30% to $0.0000335 levels in the coming days.

However, BONK’s relative strength index (RSI) is within a range, suggesting a possible upside rally ahead.

On-chain indicators are bullish

BONK’s bullish outlook is further supported by on-chain metrics. According to on-chain analytics firm Coinglass, BONK’s long/short ratio currently stands at 1.05, indicating bullish sentiment among traders.

Source: Coinglass

Moreover, its open interest has surged 30% in the past 24 hours. The sharp increase in open interest suggests that traders may have taken positions after the breakout of the consolidation zone.

In addition to BONK, the largest and most popular meme coin Dogecoin (DOGE) has also gained significant attention, surging more than 10% in the past 24 hours. Meanwhile, other meme coins including SHIB, PEPE, and WIF have seen their prices rise by 4%, 3.8%, and 3.5%, respectively.