The cryptocurrency market is turning bullish following Bitcoin [BTC]’s recent uptrend, fueling market-wide momentum.

Over the past 24 hours, memecoins have taken center stage, hinting at a potential memecoin season.

Leading the gainers list among the top 100 cryptocurrencies by market capitalization is Bonk [BONK] up 3.8%, followed by Dogecoin [DOGE] with a 3.2% gain.

Ripple [XRP] also saw a 3.2% gain, while Dogwifhat [WIF] and Popcat [POPCAT] completed the top five.

Memecoin not only leads in percentage gains but also surpasses Sei [SEI], a Layer-1 blockchain, by market capitalization. This development underscores Bonk’s growing potential in the long term.

BONK consolidates in symmetrical triangle pattern

The Bonk price is currently showing strong bullish momentum, raising the question of whether BONK/USDT can break out and move higher as we head into the final quarter of the year.

This period has historically been a positive time for the cryptocurrency market.

The pair is trading within a large symmetrical triangle, with price approaching the resistance of this pattern.

The symmetrical triangle, formed at the beginning of the year, shows that traders and investors have accumulated a large amount of Bonk. The potential for a breakout seems to be approaching.

Previously, the pair formed a triple bottom pattern at $0.000016, a pattern that often signals a reversal.

This triple bottom pattern was confirmed by a breakout above the neckline, but a breakout above the upper resistance is needed for the bullish scenario to materialize.

Various indicators support the idea that Bonk could break out and rally strongly. For example, the MACD has turned completely bullish, with histogram bars showing increased buying momentum.

This further strengthens the inclination that it could break out of resistance and move significantly higher.

If the breakout occurs, traders could see potential profits of over 70%, from the breakout zone to BONK's all-time high.

Futures market shows growing interest

Exploring Bonk futures Open Interest across all exchanges shows growing interest in the Token as its price action increases.

Since early August, Bonk Open Interest has hit a new high this week, marking the highest values ​​in the past two months.

This growing Open Interest further strengthens the possibility that Bonk could make a major breakout, as more traders and institutions take interest in its price movements.