BONK, the popular Solana-based meme coin, is poised for massive growth as its price action, recent market sentiment, and continued token accumulation support its bullish outlook. As of today, January 7, 2024, BONK, despite all this bullish momentum, has outperformed major meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and others.
BONK beats DOGE, SHIB and PEPE
The data shows that while these top meme coins are struggling to gain traction, BONK recorded a price increase of over 5% in the last 24 hours and is currently trading around $0.000035. This increase in the value of BONK sparked noticeable interest from traders and investors, leading to a 30% increase in trading volume, data from CoinMarketCap shows.
Technical analysis
In addition to the recent rally and increased trading volume, BONK has broken out of a protracted trend line and is currently consolidating in a tight range between $0.0000334 and $0.0000368 over the past three days. The daily chart of BONK shows that this trendline break follows an extended consolidation phase and price is now retesting the breakout level for potential future upside.
BONK Price Forecast
According to expert technical analysis, if BONK breaks out of the current consolidation and closes the daily candle above $0.000037, it is highly likely to skyrocket by 45% and reach $0.0000545 in the near future.
Bullish indicators within the chain
In cryptocurrency, a trendline break followed by a successful retest is considered an ideal buying opportunity, as assets often experience significant upside momentum afterwards.
Activities of long-term holders
This explains why long-term holders are constantly accumulating the token, as revealed by analytics company Coinglass. Spot inflow and outflow data shows that exchanges witnessed $10.5 million worth of outflows from the BONK meme coin during the consolidation phase.
Significant outflows during the consolidation phase suggest an ideal buying opportunity and potentially increase the likelihood of rising prices.
Increase in open interest
In addition to long-term holders, traders have increased their interest and confidence in the meme coin. Over the past 24 hours, BONK’s open interest (OI) has jumped 30.5%, indicating traders have increased their open positions.
In addition to long-term holders, traders showed increased interest and confidence in the meme coin. Over the past 24 hours, BONK’s open interest (OI) has increased by 30.5%, indicating an increase in traders’ open positions.
