BONK, the popular Solana-based meme coin, is poised for a massive rally as price action, recent market sentiment, and continued token accumulation support its bullish outlook. As of today, January 7, 2024, BONK, with all this bullish momentum, has outperformed major coins like Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE) and others.
BONK outperforms DOGE, SHIB and PEPE
The data shows that even though these major coins are struggling to gain momentum, BONK recorded a price gain of over 5% in the last 24 hours and is currently trading near $0.000035. This increase in BONK’s value has generated notable interest from traders and investors, leading to a 30% increase in trading volume, as data from CoinMarketCap reveals.
Technical analysis
In addition to its recent gains and increased trading volume, BONK has broken out of an extended trendline and is currently consolidating within a tight range between $0.0000334 and $0.0000368 over the past three days. BONK’s daily chart indicates that this trendline breakout follows a long consolidation phase, with price retesting the breakout level for potential future gains.
BONK Price Prediction
According to expert technical analysis, if BONK breaks out of its current consolidation and closes a daily candle above the $0.000037 mark, it is most likely to surge by 45% and reach the 0 level, 0000545 $ in the near future.
On-chain bullish metrics
In the cryptocurrency space, a trendline breakout followed by a successful retest is considered an ideal buying opportunity, as assets often experience significant upward momentum thereafter.
Long-term holder activity
This explains why long-term holders are systematically accumulating the token, as revealed by on-chain analytics firm Coinglass. Spot inflow and outflow data shows that exchanges saw a significant outflow of $10.5 million worth of BONK coins even during its consolidation phase.
A notable exit during a consolidation phase suggests an ideal buying opportunity and potentially increases the likelihood of a price rally.
Growing open interest
Besides long-term holders, traders have increased their interest and confidence in the meme coin. Over the past 24 hours, BONK’s open interest (OI) jumped 30.5%, indicating that traders increased their open positions.
In addition to long-term holders, traders have shown increased interest and confidence in the meme coin. Over the past 24 hours, BONK’s open positions (OI) jumped 30.5%, indicating an increase in traders’ open positions.