Protects BONK DOGE, SHIB, PEPE, Eyes at 45% Rally

BONK, the popular Solana-based meme coin, is poised for a big rally as its price action, recent market sentiment and continued token accumulation support its bullish outlook. As of today, January 7, 2024, BONK, with all this high speed, has surpassed major token coins such as Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE) and others.

BONK beats DOGE, SHIB and PEPE

The data shows that as these top meme coins struggle to gain momentum, BONK has recorded a price increase of over 5% in the last 24 hours and is currently trading at $0.000035. This increase in the price of BONK attracted a lot of attention from traders and investors, resulting in a 30% increase in trading volume, according to CoinMarketCap data.

Technical analysis

In addition to recent gains and increased trading volume, BONK has broken out of its long-term trend and is currently consolidating in a tight range between $0.0000334 and $0.0000368 over the past three days. BONK's daily chart indicates that this trendline breakout follows a long consolidation phase and the price is now testing a breakout level for potential future gains.

BONK price forecast

According to expert technical analysis, if BONK breaks out of the current consolidation and closes the daily candle above the $0.000037 mark, it may rise by 45% and reach the $0.0000545 level in the near term.

Bullish On-Chain Indicators

In cryptocurrency, a trend followed by a successful retest is considered a good buying opportunity, as assets often make significant gains later.

Movement of long-term detainees

This explains why long-term holders continue to accumulate tokens, according to on-chain analytics firm Koingles. According to spot flow and withdrawal data, exchanges saw $10.5 million worth of BONK meme coin exits during the consolidation phase.

A significant outflow during a consolidation phase indicates a good buying opportunity and increases the likelihood of a price rally.

Increasing open demand

In addition to long-term holders, traders have increased their interest and confidence in Mem coin. BONK's open interest (OI) has increased by 30.5% over the past 24 hours, indicating that traders have increased their open positions.

In addition to long-term holders, traders have shown more interest and confidence in the meme coin. Over the past 24 hours, BONK's open interest (OI) has risen by 30.5%, indicating an increase in traders' open positions.