BONK, the popular Solana-based meme coin, is poised for a massive rally as its price action, recent market sentiment, and continuous token accumulation support its bullish outlook. As of today, January 7, 2024, BONK, with all this bullish momentum, has outperformed major meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and others.
BONK Outperforms DOGE, SHIB, and PEPE
Data shows that while these top meme coins struggle to gain momentum, BONK has recorded a price gain of over 5% in the past 24 hours and is currently trading near $0.000035. This increase in BONK’s value has attracted notable interest from traders and investors, resulting in a 30% rise in trading volume, as revealed by CoinMarketCap data.
Technical Analysis
In addition to its recent gains and increased trading volume, BONK has broken out from a prolonged 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 the price now 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 highly likely to soar by 45% and reach the $0.0000545 level in the near future.
Bullish On-Chain Metrics
In cryptocurrency, a trendline breakout followed by a successful retest is considered an ideal buying opportunity, as assets often experience significant upside momentum afterward.
Long-term Holders’ Activity
This explains why long-term holders consistently accumulate the token, as revealed by the on-chain analytics firm Coinglass. Data on spot inflow and outflow shows that exchanges have witnessed an outflow of a significant $10.5 million worth of BONK meme coin during its consolidation phase.
A notable outflow during a consolidation phase suggests an ideal buying opportunity and potentially increases the likelihood of a price rally.
Rising Open Interest
Besides long-term holders, traders have increased their interest and confidence in the meme coin. In the past 24 hours, BONK’s open interest (OI) has jumped by 30.5%, indicating traders have 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 interest (OI) has surged by 30.5%, indicating a rise in traders’ open positions.
