Bonk (BONK), the favored Solana-based meme coin, is defying the market pattern and is poised for an enormous worth surge regardless of bearish sentiment. With a powerful 4% worth surge, it has gained important consideration from the crypto neighborhood leading to its open curiosity skyrocketing by 16% within the final 24 hours.
BONK Outperforms Main Cryptos
With a robust bullish intention, BONK has outperformed main cryptocurrencies together with Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and BNB (BNB). At press time, it’s buying and selling close to the $0.0000162 degree and has skilled a worth surge of over 4% within the final 24 hours. In the meantime, BONK’s buying and selling quantity has elevated by 72%, throughout the identical interval, indicating larger participation from merchants amid the current market crash.
BONK Worth Prediction
In response to knowledgeable technical evaluation, BONK is close to an important assist degree of $0.000015 degree and is at the moment dealing with sturdy resistance from a descending trendline and a horizontal degree at $0.0000164. If BONK’s worth momentum continues and breaks out of each hurdles, it may soar by 30% to the $0.0000213 degree within the coming days.
In the meantime, the Relative Energy Index (RSI) is in oversold territory, signaling a possible bullish worth reversal within the coming days.
Bullish On-Chain Metrics
Along with the technical evaluation, key on-chain metrics additionally assist BONK’s bullish outlook. CoinGlass’s BONK Lengthy/Quick ratio, a sentiment indicator that highlights dealer views and market sentiment, at the moment stands at 1.112, the very best degree since August, indicating sturdy bullish sentiment.
Moreover, the info reveals that 53% of prime merchants maintain lengthy positions, whereas 47% maintain brief positions, which additionally backs this bullish outlook.
Then again, BONK’s open curiosity has additionally elevated by 16% within the final 24 hours, indicating rising curiosity from merchants amid the continuing worth momentum.
The mixture of rising open curiosity with a Lengthy/Quick ratio above 1 is a robust bullish signal. Merchants usually use this mixture to bid their trades on both aspect.