The popular Solana-based meme coin Bonk (BONK) is making waves in the cryptocurrency landscape with its impressive performance. On October 16, 2024, the meme coin led the crypto market, outperforming 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 around $0.000025 and has experienced a price increase of over 15% in the last 24 hours. During the same period, trading volume increased by 35%, indicating greater participation from traders and investors.
BONK Technical Analysis and Upcoming Levels
Analyzing the daily chart, BONK appears bullish and is poised to rise significantly in the coming days. On September 27, 2024, the meme coin broke its crucial resistance level and closed its daily candle above that level and the 200-day exponential moving average (EMA). Since then, BONK has been consolidating the levels between $0.000024 and $0.000019.
With the recent price surge, BONK has broken out of its consolidation zone and currently there is no resistance level that is hindering its upward rally. If BONK closes a daily candle above $0.0000248, there is a good chance that the meme could rise 30% to reach the $0.0000335 level in the coming days.
However, BONK’s Relative Strength Index (RSI) is within a range that indicates a possible upside rally.
Bullish on-chain metrics
BONK’s positive outlook is further supported by on-chain metrics. According to the on-chain analytics company Mint glassBONK’s long/short ratio currently stands at 1.05, indicating bullish sentiment among traders.
Moreover, open interest has increased by 30% in the last 24 hours. This significant increase in open interest indicates that traders have likely built up their positions after breaking out of the consolidation zone.
Besides BONK, the largest and most popular meme coin, Dogecoin (DOGE), received massive attention as it rose more than 10% in the past 24 hours. Meanwhile, other meme coins including SHIB, PEPE and WIF experienced price increases of 4%, 3.8% and 3.5% respectively.
