beincrypto.com
$BONK, the Solana-based meme coin, has recently seen a significant price increase, breaking out from a six-month descending wedge pattern. This breakout suggests a potential 92% rally, positioning $BONK for substantial growth if the momentum holds.
As investors turn their attention to this trend, $BONK appears on track to capitalize on its newfound strength.
$BONK Is in Demand
$BONK’s funding rate is currently positive and continuing to rise, a bullish signal indicating that traders are placing long contracts on the token. A positive funding rate suggests that most traders expect $BONK’s price to continue rising, adding to the positive sentiment surrounding the asset. This collective optimism can contribute to sustained upward momentum, as it reflects strong confidence in $BONK’s potential for growth.
The fact that a majority of traders are going long on $BONK reinforces this positive sentiment. This level of support is crucial, as it indicates that traders see the potential for short-term gains and are also willing to hold positions in anticipation of further price increases.
$BONK currently stands out as the only Solana meme coin among the top 100 cryptocurrencies to post gains in the past 24 hours. This achievement highlights the unique demand for $BONK, as it outpaces similar tokens in both growth and popularity. $BONK’s status among leading tokens validates the notion that it is experiencing significantly high demand and growth.
This macro momentum reflects the broader interest in Solana-based assets, as $BONK’s success adds to the blockchain’s growing influence. It could further strengthen the positive outlook for $BONK’s price potential.
$BONK Price Prediction: High Rise Ahead
Over the past 24 hours, $BONK has experienced a nearly 20% price rise, bringing it to $0.00003056. However, it currently faces resistance at $0.00003151. This breakout from the descending wedge has already brought the meme coin halfway to its 92% target price of $0.00004800, fueling hopes for further gains.
If $BONK successfully flips the $0.00003151 resistance into support, the uptrend is likely to continue, potentially pushing the price higher to the next target at $0.00003769. Achieving this would reinforce the bullish outlook, supporting $BONK’s journey toward the 92% rally target.
Conversely, if $BONK fails to breach the $0.00003151 level, it may face a pullback to $0.00002748. Losing this support would weaken the bullish thesis, signaling potential caution and potentially leading to further declines as the market reassesses $BONK’s upward potential.