BONK Consolidation's Double Bullish Pattern: Breakthrough and Challenge
Click the avatar to watch the live broadcast and chat!
BONK is currently in a double bullish pattern, showing potential for accumulation and breakthrough. Despite a 25.29% decline over the past month, the recent slight price recovery indicates there is room for upward movement. However, on-chain sentiment is mixed, with some indicators showing bearish sentiment while others support bullishness.
Double Bullish Pattern and Breakthrough Potential
BONK is in a descending channel and consolidation phase, with the consolidation range reflecting the price distribution of support and resistance. If it breaks through the consolidation and overcomes the resistance of the descending channel, the target price could reach $0.00005666, approximately 78.65% higher than the current price. Technical indicators support this bullish trend: RSI has rebounded from 50 to 53.89, and Aroon-Up is at 64.29%, indicating strong buying support.
Market Hesitation and Selling Pressure
Despite the bullish signs, market sentiment remains hesitant. The open interest (OI) in the past 24 hours has decreased by 4.97%, and the inflow of funds into exchanges has increased, reflecting rising selling pressure. This may lead to BONK continuing to consolidate before any breakthrough.
Positive Impact of Increased Liquidity
BONK's TVL has increased, with the total locked value of BONK Staked SOL (bonkSOL) reaching $23.59 million, setting a new high. This provides BONK with a positive chain reaction, helping to drive the price up.
Conclusion
BONK has breakthrough potential in the double bullish pattern, but the market's divergence and selling pressure may temporarily delay the upward movement. If buyers continue to accumulate, the price is expected to break through the current consolidation range and usher in a new round of increases. Investors should pay attention to market changes and seize the right entry opportunities.
Click the avatar to watch the live broadcast and chat!
