Bonk (BONK) Coin Eyes Major Surge: What’s Driving Market Optimism?

• The BONK price has broken out of the falling wedge pattern and could revisit its ATH.
• The analyst predicted a 60% surge toward the $0.00008000 in the coming days.

Bonk (BONK), the most valuable meme coin on the Solana blockchain, has rebounded from the 20-day EMA. The token is eyeing for an ATH breakout.

At press time, the Bonk coin was trading at $0.00004549. It was up by 4.30% in the last 24 hours. Moving ahead, the token showed bullish price action and momentum.

As the BONK crypto keeps on rising, the key question remains. The question is whether it will be able to continue rising or else will experience resistance at higher zones around $0.00005800.

On-Chain Metrics Flash Bullish Cues

Other on-chain indicators supported the altcoin’s bullish case. Net network growth of the Bonk coin has increased by 0.61%, reflecting a growing level of activity and interest in the network.

However, the “Into the Money” and concentration metric stayed neutral, while the large transactions rose by 8.81%. This means high demand from both retail and institutional investors.

Hence, such signals indicate that the BONK price increase has been orchestrated by real buying. That bolsters the bullish narrative further.

Furthermore, BONK’s trading volume has risen with the price rise, confirming the rally’s strength. Over the last 24 hours, the volume increased by 152%.

However, despite the strong on-chain activity and trading volume, the daily active addresses have declined by 2.30%. This means lower confidence in the sustainability of the current price rally.

BONK Coin Price May Soar 60%: Here’s What Analysts Are Saying

Crypto Analyst @TheEuroSniper posted a tweet on X, highlighting that Bonk coin is preparing for an aggressive move. In case of a successful breakout of an all-time high, the memecoin could ascend gains toward $0.00008000 in the coming days.

From the current price level, around 60% rally can be anticipated in the following sessions.

Likewise, Nebraskgooner posted a tweet on X saying that the BONK crypto has broken out of a falling wedge pattern. Furthermore, the token is poised for a significant upside.

BONK Price Prediction: Is All-time-High Breakout on the Horizon?

BONK price prediction represented a bullish price action as it rebounded from the 20-day EMA mark and regained bullish traction. Its current price trades above the leading Span A and B of its Ichimoku Cloud. That indicated a strong bullish signal.

Also, the token burn event known as “BURNmas” aims to burn 1 trillion tokens by Christmas Day, Dec 25, 2024. This could reduce significant supply and fuel a price rally in the coming days.

Additionally, recent liquidations data shows a clear bullish bias. Liquidations of long positions reached $243k. At the same time, short liquidations totaled just $19.80k.

This imbalance indicates that most traders remain optimistic about further price increases. Therefore, as long as the BONK price holds 20-day EMA support, the bullish sentiment may continue to drive the price higher.

The immediate support zones for the Bonk coin were $0.00004370 and $0.00004200. On the other hand, the resistance levels were $0.00004650 and $0.00004800.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.