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 and outperformed top cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and many others.
BONK’s Current Price Momentum
According to the CoinMarketCap data, BONK is trading near $0.000025 and has experienced a price surge of over 15% in the past 24 hours. During the same period, its trading volume jumped by 35%, indicating heightened participation from traders and investors.
BONK Technical Analysis and Upcoming Levels
While analyzing the daily chart, BONK appears bullish and is poised to rally 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 between $0.000024 and $0.000019 levels.
With the recent price surge, BONK broke out of its consolidation zone and currently, there is no resistance level posing a hurdle to its upward rally. If BONK closes a daily candle above $0.0000248, there is a strong possibility the meme could soar by 30% to reach the $0.0000335 level in the coming days.
However, BONK’s Relative Strength Index (RSI) is there in a range that suggests a potential upside rally ahead.
Bullish On-Chain Metrics
BONK’s positive outlook is further supported by on-chain metrics. According to the on-chain analytics firm Coinglass, BONK’s long/short ratio currently stands at 1.05, indicating bullish sentiment among traders.
Additionally, its open interest has surged by 30% over the past 24 hours. This significant rise in open interest suggests that traders have likely built their positions following the breakout from the consolidation zone.
Apart from BONK, the largest and most popular meme coin, Dogecoin (DOGE), gained massive attention as it soared more than 10% over the last 24 hours. Meanwhile, other meme coins, including SHIB, PEPE, and WIF, experienced price surges of 4%, 3.8%, and 3.5%, respectively.