In terms of bullish market sentiment, the popular Solana-based meme coin Bonk (BONK) turned bullish after others remained stable during a notable upside rally. It seems that the sentiment around BONK has changed and it is now expected to see a notable upside in the coming days.
Why is the price of BONK rising?
Potential reasons for BONK's positive outlook include bullish price action patterns, significant interest from traders and investors, Solana's (SOL) upward momentum, and current market sentiment. With all this optimism, BONK is attracting a lot of attention from investors and traders.
BONK Technical Analysis and Upcoming Levels
According to CoinPedia’s technical analysis, BONK has broken out of a bullish upward price action pattern on the weekly timeframe and is currently poised to rise. Based on recent price action and historical trends, there is a high chance that the meme token will surge by 75% to $0.00016 levels in the coming days.
Source: Trading View
On higher timeframes, the BONK chart looks very bullish. In addition to this breakout, the ascending triangle appears to represent price consolidation following a notable rally that began in October 2023 and lasted until December 2023. Since then, it turned into consolidation, but with the recent breakout, significant upside momentum appears to be imminent.
Bullish on-chain indicators for BONK
On-chain metrics further support BONK’s positive outlook. According to on-chain analytics firm Coinglass, BONK’s long/short ratio currently stands at 1.07, indicating strong bullish sentiment among traders.
Meanwhile, its open interest has surged 39% in the past 24 hours and 16% in the past 4 hours. The rise in open interest suggests that traders’ interest in the meme coin has increased after it broke out of a consolidation zone and an ascending triangle price action pattern.
Current Price Momentum and Trader Sentiment
These on-chain indicators combined with technical analysis suggest that bulls are currently dominating the asset and could support its upcoming rally.
Currently, BONK is trading near $0.00004026, with an upward momentum of more than 15% in the past 24 hours. During the same period, its trading volume has increased by 55%, indicating increased participation from traders and investors amid the bullish outlook.
