Since the middle of September, BONK has been riding a steady uptrend, offering lucrative opportunities for investors looking to go long.
The meme-based cryptocurrency has been steadily climbing, following an upward trajectory along an ascending trendline. Notably, this trendline has remained unbroken since September 18th.
As of the latest data, BONK’s price is currently testing its highest weekly level at $0.00002347 – a critical resistance point that could determine its next significant move.
Noteworthy Surge in Whale Accumulation for BONK Coin
Reports from Santiment reveal a substantial increase in holdings by large whale accounts (those possessing more than 5 million tokens), reaching 56.38% as of the latest update – hitting a new peak not seen since July 8th.
Interestingly, historical data indicates that a previous surge in whale accumulation back in July corresponded with a 34% price spike for BONK on the charts.
This renewed interest from major holders could be an early indicator of a potential uptrend for the meme cryptocurrency.
Bullish Momentum Fueled by Liquidation Heatmap Insights
An examination of the liquidation heatmap conducted by CryptoCrypto further supports the bullish outlook for BONK. Currently, there is a liquidation cluster of 12.89k tokens facing potential liquidation at the $0.00002498 price level, underscoring the possibility of an impending breakout.
Typically, such liquidation scenarios amplify volatility, but in this instance, it seems to favor investors positioned for long trades.
Positive Sentiment Boosted by Significant Inflows
Furthermore, there has been a notable increase in inflows for BONK recently, signaling growing demand for the alternative cryptocurrency.
These inflows could create additional upward pressure on BONK’s price, particularly as it challenges critical resistance levels.
Given the notable spike in whale accumulation and the optimistic signs of potential bullish liquidations, BONK may be well-positioned for a continuation of its bullish momentum.
A breakthrough above the resistance barrier at $0.00002347 could pave the way for further price gains.