BONK Surpasses Bitcoin, Ethereum and Solana, What’s Next?
In the year On October 1, 2024, popular Solana-based meme coin Bonk (BONK) made headlines as it topped the cryptocurrency market with its impressive performance. In the ongoing struggling cryptocurrency market, BONK has seen a price increase of more than 9.5% in the last 24 hours, along with Bitcoin (BTC), Solana (SOL), Ethereum (ETH) and many others.
At the time of press release, it was trading around $0.0000253 and trading volume rose 115% during the same period due to heavy participation from traders and investors.
BONK technical analysis and upcoming levels
According to expert technical analysis, BONK looks bullish and is poised for a significant rally in the coming days. Recently, it experienced a breakout from a strong resistance level of $0.000022 and consolidated for two days. Today, with a dramatic rise in price, it broke the consolidation zone, which is a bullish sign.
Based on the historical price movement, if BONK closes the daily candle above the $0.000025 level, there is a strong possibility that it will rise by 30% to reach the $0.000035 level in the coming days.
BONK is currently trading above the 200 Exponential Moving Average (EMA) on the daily time frame, indicating an uptrend. 200 EMA is a technical indicator that determines whether an asset is trending up or down.
Metrics of BONK on the chain
Despite the high visibility and dramatic price increase over the past 24 hours, BONK's on-chain metrics indicate weak market sentiment. According to on-chain analytics firm Coinglass, BONK's Long/Short ratio currently stands at 0.99, indicating weak sentiment among traders. However, a value greater than 1 indicates high market sentiment.
Additionally, open demand for the futures has dropped by 3.8% over the past 24 hours, indicating that traders have exited their positions, possibly due to the current market sentiment as major cryptocurrencies are experiencing significant price declines.
