TLDR
Market data shows substantial BONK outflows from exchanges totaling $45.73 million, suggesting increased whale accumulation and holder confidence
Technical analysis indicates potential for a 40% short-term price increase to $0.0000545 based on bullish engulfing pattern
Long-term technical projections suggest possibility of 250% rally to $0.000137 if current momentum continues
RSI reading of 46 approaches oversold territory, historically a precursor to price reversals
Current trading price is $0.000395, representing a 5.65% gain in 24 hours
Recent market data reveals a notable shift in BONK token holdings as exchange outflows reach $45.73 million, indicating increased accumulation by larger holders. The Solana-based memecoin has shown resilience despite broader market fluctuations, with on-chain metrics pointing to sustained buying pressure.
Exchange data tracked by Coinglass shows that BONK holders have been steadily moving their tokens off exchanges since the start of December 2024. This trend has continued even through the price decline observed on December 10th, suggesting confident accumulation rather than speculative trading.
The substantial outflow of tokens from exchanges typically indicates a preference for longer-term holding rather than immediate trading. When traders move assets to private wallets, it often reflects a bullish outlook on the asset’s future price performance.
Technical analysis of BONK’s price action shows the formation of a weekly ascending triangle pattern, with a successful retest of the breakout level following recent market volatility. This pattern is often considered a bullish indicator by market technicians.
The latest price action has produced a bullish engulfing candle pattern on the daily chart, providing additional technical support for a potential upward move. This pattern typically suggests a possible trend reversal and renewed buying interest.
Short-term price projections based on current market structure suggest BONK could target the $0.0000545 level, representing a 40% increase from current prices. This target is derived from technical analysis of recent price action and support/resistance levels.
The token’s Relative Strength Index (RSI) currently reads 46, approaching oversold territory. Historically, RSI readings near oversold levels have preceded price reversals, adding weight to the bullish case for BONK’s near-term price action.
Current market data shows BONK trading at $0.000395, having recorded a 5.65% gain over the past 24 hours. This price movement comes amid increasing trading volume and growing market interest in the token.
Looking at longer-term technical projections, analysis suggests potential for a 250% price increase to $0.000137, though this represents a more extended time horizon and depends on continued market momentum and buying pressure.
The token’s price behavior following the December 10th decline has shown resilience, with buyers stepping in to support prices at key technical levels. This buying activity has helped establish a base for potential future price appreciation.
Exchange flow data indicates that the outflow trend has remained consistent throughout December, suggesting systematic accumulation rather than sporadic buying activity. This pattern often precedes periods of reduced selling pressure in the market.
Daily trading volumes have maintained steady levels despite the recent price volatility, indicating sustained market interest in the token. Volume analysis shows balanced participation from both retail and larger traders.
Technical support levels have held during recent market tests, with buyers defending key price zones. This price action has helped establish a foundation for potential upward movement in the coming trading sessions.
Market structure analysis reveals favorable risk-reward setups at current price levels, with multiple technical indicators aligning to suggest possible upward price movement. These indicators include both momentum and trend-following metrics.
The token’s price currently sits above key moving averages, maintaining a technically constructive position for potential future appreciation. This positioning provides a baseline for monitoring ongoing price development.
At press time, BONK continues to show positive momentum with sustained buying pressure and healthy trading volumes across major exchanges.
The post $BONK Price Analysis: Key Levels to Watch After Recent Accumulation appeared first on Blockonomi.
