- On-chain statistics revealed that the exchanges have witnessed an outflow of BONK worth $4.5 million.
- Currently, 52.98% of top traders have long positions, while 47.02% have short positions.
Bonk [BONK] has finally found support at the $0.000025 level after a price drop of more than 60% in recent weeks. However, whether sentiment has changed remains to be confirmed.
Still, current market prospects suggest a potential turnaround for the meme coin.
Increasing interest from traders and investors
Another factor that could change BONK’s sentiment is the increasing interest and confidence of traders and investors, as revealed by on-chain analytics firm CoinGlass.
Spot inflows and outflows data show that the exchanges have witnessed a significant outflow of $4.5 million in BONK in the last three days.
These substantial outflows in current market conditions indicate potential accumulation, which could create buying pressure and fuel upside momentum.
In addition to the outflow of long-term holders, intraday traders are betting on long positions, as evidenced by CoinGlass’ on-chain metrics.
At the time of writing, BONK’s Long/Short Ratio stood at 1.07, indicating strong bullish sentiment among traders. These statistics further show that 52.98% of top traders have long positions, while 47.02% have short positions.
When these on-chain metrics are combined, it appears that the bulls are back and supporting the meme coin in restarting its upward momentum.
BONK technical analysis and key levels
According to AMBCrypto’s technical analysis, BONK appears neutral and is at a level where it is inches away from a significant rally or decline in the future.
BONK’s price prediction
Based on the historical price momentum, this is not the first time that BONK has reached this level. The last time the meme coin was at this level, it enjoyed a 35% upward rally, which experts and analysts are once again anticipating.
If BONK holds the $0.000025 level, it will most likely rise by 30% to reach the $0.000035 mark in the future. Conversely, if it fails to hold this level and closes a daily candle below the $0.000025 mark, we could see the meme coin fall near the $0.000016 level.
Read Bonk’s [BONK] Price forecast 2024-25
At the time of writing, the memecoin was trading around $0.000027 and had modest upside momentum of 1.10%.
However, during the same period, trading volume fell by 40%, indicating lower interest from traders and investors amid the ongoing market recovery.