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$BONK, the popular Solana-based meme coin, is poised for a massive rally as its price action, recent market sentiment, and continuous token accumulation support its bullish outlook. As of today, January 7, 2024, $BONK, with all this bullish momentum, has outperformed major meme coins like Dogecoin ($DOGE), Shiba Inu ($SHIB), Pepe ($PEPE), and others.
$BONK Outperforms $DOGE, $SHIB, and $PEPE
Data shows that while these top meme coins struggle to gain momentum, $BONK has recorded a price gain of over 5% in the past 24 hours and is currently trading near $0.000035. This increase in $BONK’s value has attracted notable interest from traders and investors, resulting in a 30% rise in trading volume, as revealed by CoinMarketCap data.
Technical Analysis
In addition to its recent gains and increased trading volume, $BONK has broken out from a prolonged trendline and is currently consolidating within 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, with the price now retesting the breakout level for potential future gains.
$BONK Price Prediction
According to expert technical analysis, if $BONK breaks out of its current consolidation and closes a daily candle above the $0.000037 mark, it is highly likely to soar by 45% and reach the $0.0000545 level in the near future.
Bullish On-Chain Metrics
In cryptocurrency, a trendline breakout followed by a successful retest is considered an ideal buying opportunity, as assets often experience significant upside momentum afterward.
Long-term Holders’ Activity
This explains why long-term holders consistently accumulate the token, as revealed by the on-chain analytics firm Coinglass. Data on spot inflow and outflow shows that exchanges have witnessed an outflow of a significant $10.5 million worth of $BONK meme coin during its consolidation phase.
A notable outflow during a consolidation phase suggests an ideal buying opportunity and potentially increases the likelihood of a price rally.
Rising Open Interest
Besides long-term holders, traders have increased their interest and confidence in the meme coin. In the past 24 hours, $BONK’s open interest (OI) has jumped by 30.5%, indicating traders have increased their open positions.
In addition to long-term holders, traders have shown increased interest and confidence in the meme coin. Over the past 24 hours, $BONK’s open interest (OI) has surged by 30.5%, indicating a rise in traders’ open positions.