BONK Price Poised for a 75% Rally, Complete Insights

Share This Post

bonk

The post BONK Price Poised for a 75% Rally, Complete Insights appeared first on Coinpedia Fintech News

In the realm of bullish market sentiment, Bonk (BONK), a Solana-based popular meme coin, turned bullish after remaining stable during the period when others were experiencing a notable upside rally. It appears that the sentiment for BONK has changed and it is now poised for a notable upside rally in the coming days.

Why BONK Price is Increasing?

The potential reasons for BONK’s positive outlook include a bullish price action pattern, notable interest from traders and investors, Solana’s (SOL) upside momentum, and the current market sentiment. With all this optimism, BONK is gathering significant attention from investors and traders.

BONK Technical Analysis and Upcoming Levels

According to CoinPedia’s technical analysis, BONK has broken out of a bullish ascending price action pattern on a weekly time frame and is now poised for upward momentum. Based on the recent price action and historical trends, there is a strong possibility that the meme coin could soar 75% to reach the $0.00016 level in the coming days.

Source: Trading View

On higher time frames, the BONK chart appears super bullish. Besides this breakout, the ascending triangle seems to represent price consolidation after a notable rally that began in October 2023 and continued until December 2023. Since then, it turned into consolidation, but with the recent breakout, significant upside momentum appears to be coming soon.

BONK’s Bullish On-Chain Metrics 

On-chain metrics further support BONK’s positive outlook. According to the 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 skyrocketed by 39% in the past 24 hours and 16% in the past four hours. This rising open interest suggests heightened trader interest in the meme coin following the breakout from the consolidation zone and the ascending triangle price action pattern.

Source: Coinglass

Current Price Momentum and Traders Sentiment 

The combination of these on-chain metrics with technical analysis suggests that bulls are currently dominating the asset and could support its upcoming rally.

Currently, BONK is trading near $0.00004026 and has experienced upward momentum of over 15% in the past 24 hours. During the same period, its trading volume increased by 55%, indicating heightened participation from traders and investors amid the bullish outlook.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

World Lands in Brazil: Launching Biometric Operations in São Paulo

World, the biometric proof-of-humanness-based project, has finally landed in Brazil and is expected to start operating in the country this week According to local media, World will initially commence

Crypto Analyst Predicts Major Price Crash For Shiba Inu, But It’s Not All Bad News

Crypto analyst MadWhale has predicted that the Shiba Inu price could suffer a significant crash soon enough Based on the analysis, this price correction is simply a healthy retracement that could

Pennsylvania House Moves To Add Bitcoin To State Balance Sheet As Reserve Asset

As President-elect Donald Trump prepares to take office again in January, his proposal to create a national Bitcoin reserve is gaining momentum across the United States  Several states are now

Report: Polymarket Under DOJ Probe After Explosive Bets on Trump-Harris Election

A Bloomberg report suggests that the prediction market Polymarket has caught the eye of the US Department of Justice (DOJ), potentially facing a probe ‘In the Face of Adversity, We Build’:

Tether Launches Hadron; Aims To Make Asset Tokenization More Accessible Than Ever

The post Tether Launches Hadron; Aims To Make Asset Tokenization More Accessible Than Ever appeared first on Coinpedia Fintech News Tether, the crypto firm behind USDT, revealed on Thursday that it

Best Cryptocurrencies to Invest in Right Now – Flow, BNB, ZetaChain

Bitcoin recently hit a new all-time high of $89,000, sparking positive movement across several major altcoins Altcoins tend to follow Bitcoin’s price trends, so other