BONK, the well-known memecoin based on Solana (SOL), has captured the interest of cryptocurrency enthusiasts by registering a notable 132% increase in value in recent days.
Even with this impressive rally, the memecoin has demonstrated a robust bullish pattern in its price action, hinting at a possible buying opportunity and a forthcoming price uptick in the near future.
Positive Trends for BONK
Per the technical analysis by CryptoCrypto, BONK appears to be in a bullish phase currently, having broken out of an ascending triangle formation on the weekly chart.
Based on its recent price movement and historical performance, if BONK manages to close a weekly candle above the $0.000040 mark, there is a likelihood of a 240% surge to target the $0.00014 level in the near term.
Nevertheless, achieving such a substantial rally will require effort from BONK. In case market sentiment remains optimistic, the memecoin could indeed reach the projected level.
Positive On-Chain Indicators
Further validating the positive outlook for BONK are the on-chain metrics. As per Coinglass, an on-chain analytics firm, BONK’s Long/Short ratio stood at 1.002 at the time of assessment, signaling a bullish sentiment.
In addition, the Futures Open Interest for BONK surged by 35% in the last 24 hours and 14% in the previous four hours.
Such a notable rise in Open Interest suggests a heightened interest from traders, with their active positions significantly increasing subsequent to the breakout of the bullish price pattern.
By combining these on-chain metrics with technical analysis, there is a clear indication that the bulls have an upper hand over the bears, potentially paving the way for a significant rally in the days ahead.
Current Price Momentum
At the time of reporting, BONK was hovering around $0.000040, having witnessed a price upsurge of over 25% in the last 24 hours.
Simultaneously, the trading volume spiked by 30% during the same period, suggesting increased trader involvement amid the bullish price pattern.