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.
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.
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.
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.
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.
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.
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