The bullish spell in the last 4 days displayed growth of nearly 27% on the daily price chart. At press time, BONK ranked 50th position in terms of market cap and had undergone a 10.93% increase. Meanwhile, its 24-hour spot volume showed a 120% surge to $486.05 Million.
Notably, a meme coin, like BONK, has no business use case or fundamental economic use. It can easily be swayed and influenced as it is highly volatile and prone to social media sentiment and real-world events. Similarly, many analysts and crypto enthusiasts shared the bullish sentiment on X. BONK seems ready for a surge.
@Donjim95 tweeted one of his drawings of BONK. The enthusiast finds the chart very promising based on the current price, as most daily EMA bands are backing the price. Thus, @Donjim95 claims that the price could boost from here to above.
Since social media sentiments usually influence coin’s price, the sentiment on socials like X appears bullish. Also, the community drives most of the meme coins like BONK.
Holders Data
BONK Coin was built on the popular Solana platform and was launched on February 8th, 2020. As per the Tradingview price chart of BONK/USD on COINBASE, its all-time low was $0.00000944 (on January 8th, 2024), 185% below the current price. Meanwhile, the all-time high of $0.00005485 was witnessed on December 14th, 2023, 51% higher than the current level.
Coincarp data shows that 15.5K addresses hold Coin, while its top 10 holders have 75.12% of the supply. Meanwhile, the 75.261 Billion BONK/USD owned by a holder address makes him the largest holder of the meme-coin, which makes it nearly 37% of the circulation of the coins.
Additionally, the coin has a strong market presence followed by a market cap dominance of 0.08%. The coin has good liquidity, with a volume/market cap ratio of 26.27%.
Derivatives Analysis of BONK
According to Coinglass, the derivative market displayed an enormous volume surge of 140% to $606.16 Million. OI amounted to $284.58 Million with a 13.02% increase in open contracts in the BONk derivatives market.
In the last 24 hours, the shorts were more liquidated than longs. The shorts amounted to $389.85K, while the longs amounted to $264.91K.
Decoding BONK Price Chart & its Forecast
The daily chart presents that BONK is trading in a parallel upward channel. The derivatives are high, and the optimistic analysts on X suggest a much higher possibility of BONK resurging in coming sessions. (DYOR).
Previously, on the daily chart, BONK had two major swing highs or peaks. From that peak, (BONK/USD: COINBASE), it declined from the supply to around $0.0004201. It looks like a double-top pattern, and it wasn’t completed. Instead of falling, it showed a bullish presence with short bounces from the wedge’s lower boundary.
Therefore, if Coin surpasses $0.00002960, it could bounce toward the wedge’s upper boundary (DYOR). Thus, the interruptions could stand near $0.00003601.
However, facing a decline from $0.00002960, it could head toward the lower wedge boundary, and breaking beyond that would lead it toward the major demand zone at $0.00001251. So, investors should stay cautious and do their own research.
Indicators show a surge above the 50-day and 200-day EMAs. MACD shows a growing histogram at 0.00000053, and RSI flashes at 57.35, signifying a bullish possibility.
