BONK Leads the Crypto Market, Set for a 30% Rally
Popular Solana-based meme coin Bonk (BONK) is making waves in the cryptocurrency landscape with its impressive performance. In the year Oct 16, 2024 Mem coin led the crypto market and outperformed other top cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and many others.
BONK's current price momentum
According to CoinMarketCap data, BONK is trading at around $0.000025 and has seen a price increase of over 15% in the last 24 hours. During the same period, the transaction volume increased by 35 percent, which showed high participation from traders and investors.
BONK technical analysis and upcoming levels
Analyzing the daily chart, BONK looks bullish and is poised to rally significantly in the coming days. On September 27, 2024, MemCoin broke the critical resistance level and closed the daily candle above that level and the 200-day Exponential Moving Average (EMA). Since then, BONK has been consolidating between $0.000024 and $0.000019 levels.
With the recent price increase, BONK has moved out of the consolidation zone and currently, there is no resistance level to hinder the upward rally. If the BONK daily candle closes above $0.0000248, there is a big chance that the meme could rise by 30% to reach the level of $0.0000335 in the coming days.
However, BONK's Relative Strength Index (RSI) is in a range that suggests a possible reversal ahead.
Bullish On-Chain Indicators
BONK's positive outlook is further supported by chain metrics. According to on-chain analytics firm Coinglass, BONK's long/short ratio currently stands at 1.05, indicating bearish sentiment among traders.
Additionally, the open interest has increased by 30% in the last 24 hours. This apparent increase in demand suggests that traders have built positions following the breakout of the consolidation zone.
In addition to BONK, the largest and most popular meme coin, Dogecoin (DOGE), gained more attention with a rise of more than 10% in the last 24 hours. Meanwhile, other note coins including SHIB, PEPE and WIF saw price increases of 4%, 3.8% and 3.5% respectively.
