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BONK Price Defies Bears with 4% Surge, Open Interest Signals Massive Rally

Published by
Zameer Attar

Bonk (BONK), the popular Solana-based meme coin, is defying the market trend and is poised for a massive price surge despite bearish sentiment. With an impressive 4% price surge, it has gained significant attention from the crypto community resulting in its open interest skyrocketing by 16% in the last 24 hours.

BONK Outperforms Major Cryptos

With a strong bullish intention, BONK has outperformed major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and BNB (BNB). At press time, it is trading near the $0.0000162 level and has experienced a price surge of over 4% in the last 24 hours. Meanwhile, BONK’s trading volume has increased by 72%, during the same period, indicating higher participation from traders amid the recent market crash.

BONK Price Prediction

According to expert technical analysis, BONK is near a crucial support level of $0.000015 level and is currently facing strong resistance from a descending trendline and a horizontal level at $0.0000164. If BONK’s price momentum continues and breaks out of both hurdles, it could soar by 30% to the $0.0000213 level in the coming days.

Meanwhile, the Relative Strength Index (RSI) is in oversold territory, signaling a potential bullish price reversal in the coming days.

Bullish On-Chain Metrics

In addition to the technical analysis, key on-chain metrics also support BONK’s bullish outlook. CoinGlass’s BONK Long/Short ratio, a sentiment indicator that highlights trader views and market sentiment, currently stands at 1.112, the highest level since August, indicating strong bullish sentiment. 

Additionally, the data shows that 53% of top traders hold long positions, while 47% hold short positions, which also backs this bullish outlook.

On the other hand, BONK’s open interest has also increased by 16% in the last 24 hours, indicating growing interest from traders amid the ongoing price momentum.

The combination of rising open interest with a Long/Short ratio above 1 is a strong bullish sign. Traders often use this combination to bid their trades on either side. 

Zameer Attar

Zameer is a financial analyst and writer with a particular interest in cryptocurrency markets. He has been studying cryptocurrencies and their market behavior for several years and deeply understands the factors that affect the price of cryptocurrencies. His expertise lies in his ability to use both technical and fundamental analysis to make informed predictions about the future direction of cryptocurrency prices. He has a strong understanding of market sentiment and uses this to inform his trading decisions and price predictions.

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