The Solana-based meme coin BONK has broken a long-coming trendline for a bullish rally. Will this rally give a return of more than 100% this month?
As Bitcoin BTC $113 613 24h volatility: 1.4% Market cap: $2.26 T Vol. 24h: $37.31 B creates a new Altima, the meme coin segment is on a bullish surge. The meme coin market cap has reached $116.49 billion, with new meme coins on the rise. Among the existing players, Bonk BONK $0.000024 24h volatility: 10.2% Market cap: $1.87 B Vol. 24h: $378.70 M , one of the first Solana-based meme coins, is gaining gradual momentum. As the meme coin’s market seems focused on the official Trump token and the Melania meme coin, Bonk comes as an underrated coin, gaining the whale’s attention.
Will this gradual shift of change push Bonk to a new and all-time high? Let’s find out.
Bonk Price Analysis
In the daily chart, the Bonk meme coin reveals a breakout of a long-coming resistance trend line. The intraday candle showcases a lower-priced rejection, completing a retest of the bullish breakout.
Currently, Bonk trades at a market price of $0.00003423, with an intraday surge of 5.06%. Over the past week, the meme coin has increased by nearly 35% reflecting the ongoing recovery run.
However, the recovery run faces opposition from the 23.60% trend-based Fibonacci level near $0.00003421. Nevertheless, the bullish recovery is influencing an uptick in the 20-EMA line, teasing a potential crossover with the 100-EMA.
Hence, the average lines are turning gradually bullish. Furthermore, the daily RSI line has surpassed the halfway level, reflecting a boost in buying pressure.
Thus, the technical indicators are maintaining a positive outlook for Bonk in the coming days. Using the trend-based Fibonacci level, the upside potential has increased to more than 100%, with the 100% Fibonacci level at $0.00008189.
Whale Doubles Down Amid Market Surge
As the Bonk meme coin gives a bullish breakout, an old whale is doubling down on this meme coin. Recently, the entity spent $4.29 million to buy 124.09 billion Bonk tokens.
In the past 24 hours, the whale has increased its Bonk holding to 204B tokens, worth $5.9 million. Apart from the Bonk token, the whale also holds the recently launched official Trump token, valued at $7.67 million.
With increasing whale activity and a strong bullish breakout, Bonk is gaining significant traction in the meme coin market.
BONK Price Targets
With the bullish breakout rally, the meme coin is presenting uptrend chances to reach $0.00006413. Furthermore, using the trend-based Fibonacci level, the upside potential for Bonk has increased to more than 100%, with the Fibonacci level at $0.00008189.
However, a closing under the broken trend line will nullify the bullish thesis. In such a case, the crucial support will be at $0.000026.
With the rising support of whales and the ongoing breakout rally, Bonk is on the verge of a parabolic rise. Furthermore, based on the Fibonacci levels and the broader market recovery, the meme coin could continue the rally for a new all-time high.
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