A popular meme coin that has been on a strong rise since mid-September offers attractive opportunities, especially for investors looking to take long positions. Currently testing a critical resistance level, this coin could mark the start of a significant price movement if it breaks through this level.

Meme Coin Chart Continues to Rise

The BONK price has been gaining strength along an uptrend line that has been going on since September 18. This trend shows that the meme coin is maintaining its momentum. Currently, BONK is testing its weekly high of $0.00002347. This level is a very critical resistance level for BONK. Breaking this level could signal a new bullish move for investors. However, it is important for investors to watch carefully for possible selling pressure at this point. A break above the resistance level will increase the probability of the price moving rapidly upwards.

Meme Coin Whales Accumulation Increases

According to Santiment data, the supply of BONK held by large investors (whales) has increased to 56.38%. This represents the highest level since July 8. Accumulation by whales is generally considered a positive indicator. During a similar accumulation period in July, the BONK price increased by 34%. This is a sign that large investors are showing renewed interest in the coin. The increase in whale accumulation could be a sign of an upward movement in the meme coin’s price and suggests that current price levels present attractive investment opportunities.

Liquidation Heat Map Gives Positive Signals

Liquidation heatmap analysis shows that the meme coin has a liquidation pool of approximately 12.89 thousand tokens at the current price level. This usually increases volatility, but this time it seems to support the rise. Liquidation scenarios usually lead to sudden price movements, but in the current case, there is a positive volatility for long position holders. This data reinforces the upside potential of memecoin. If the resistance level is broken, a large price movement can be observed, which can create significant profit opportunities for current position holders.

Rising Demand Supports Rise

Finally, there has been a reported large inflow of money into BONK, indicating that demand for the meme coin project is increasing. The increased demand could put upward pressure on the price, helping it break out of resistance levels.