$BONK bullish patterns point to 250% rally – Can it happen? - AMBCrypto Analytics

BONK, the Solana-based memecoin, is catching attention after forming a bullish price action pattern on its daily chart, signaling a potential significant rally.

The broader crypto market is recovering from the December 10 downturn, bringing renewed interest to assets like BONK. Recent technical analysis shows BONK has retested its breakout level from a weekly ascending triangle pattern, further strengthening its bullish narrative.

Following a sharp decline, BONK found support, forming a bullish engulfing candle pattern. Analysts project a 40% short-term rise to $0.0000545, with a long-term target of $0.000137—a staggering potential gain of 250%.

On the technical front, BONK's RSI stood at 46, near the oversold territory. This position suggests the potential for a price reversal, adding weight to optimistic forecasts. Currently trading at $0.0000395, BONK has already surged 5.65% in the past 24 hours.

Will BONK defy the odds and continue its ascent? As bullish momentum builds, this memecoin could become a standout performer in the crypto space.