In the bullish market sentiment, the popular Solana-based meme coin BONK is showing signs of growth after a period of stability.
Reasons for BONK Price Increase
The potential reasons for BONK's positive outlook include a bullish price action pattern, notable interest from traders and investors, Solana's momentum, and current market sentiment. This optimistic backdrop is drawing significant attention to BONK.
BONK Technical Analysis and Growth Levels
According to CoinPedia's technical analysis, BONK has broken out of a bullish ascending price action pattern on a weekly time frame and is poised for upward momentum. Based on recent price action and historical trends, there is a strong possibility the meme coin could soar 75% to reach the $0.00016 level in the coming days. On higher time frames, the BONK chart appears super bullish.
BONK's Bullish On-Chain Metrics
On-chain metrics support BONK's positive outlook. According to Coinglass, BONK's Long/Short ratio currently stands at 1.07, indicating strong bullish sentiment among traders. Its open interest has also skyrocketed by 39% in the past 24 hours and 16% in the past four hours.
The combination of on-chain metrics with technical analysis suggests bulls are dominating the BONK market, which may support its further rally.
