Bonk (BONK) Price Prediction: BONK Drives the Up Move; What Lies Ahead?

Bonk (BONK), a Solana-based memecoin, has seen a substantial uptick in its value and recovered the most this week.

Bonk (BONK), a memecoin on Solana, clocked the most recovery and remarkable uptick in its value this week. Rising over 25% in a week, the memecoin was close to crossing the upper trendline of the channel shortly.

This memecoin registered a sixth consecutive session of gains and a weekly bullish streak. It pointed toward renewed buying interest. Forming a double bottom formation around $0.00001700, the coin anticipated a breakout.

Continuing the bullish spell, BONK extended the bullish move and retested the 50-day EMA mark as the market noted a bullish move overnight. Bitcoin price noted a weekly range breakout and hit the $64k mark, uplifting the altcoin price.

The BONK price lower lows for the past three months and was capped inside a falling wedge pattern. Recently, the demand zone was revisited, and the correction phase completed.

However, a confirmed breakout was in sight, and the bulls were setting their eyes to chase it. A daily close above the $0.00002500 level would confirm the bullish trend and may propel the token further up.

BONK Spearheads The Up Move: What Next?

The daily chart observed continuous buying pressure as the memecoin continued to extend the bullish move. With the notable price uptick, BONK approached the key hurdle of $0.00002200 and teased a next bullish leg up.

When writing, BONK traded at $0.00002130 with an intraday surge of over 12.30%, displaying a bullish stance.

Ranked 84 and with a market cap of $883.57 Million, the memecoin noted a rise in trading volume by 56%, hinting at more investor interest.

Positive signs were noted by technical indicators. The RSI curve ascended and noted a positive divergence, suggesting the rise in a bullish spell. Moreover, the MACD indicator plotting the green bars on the histogram conveyed the bullish crossover.

Yesterday, the statement of Federal Chair Jerome Powell notably influenced the crypto market. He said, “The time has come for policy to adjust.”

Following this, the crypto market saw an uptick in most crypto altcoins, highlighting the positive market sentiment.

Joe Mitoshi (@CryptoSays) tweeted that BONK has a bullish technical chart. It saw a rebound with a spurt in trading volume, which signaled the bullish cue.

A Tweet by @CryptoSays | Source:X

A significant rise in active addresses and a reduced circulating supply on exchanges suggest a strong potential breakout is coming.

Social Dominance, Weighted Sentiment Data Overview

The Social Dominance clocked in the downward zone and capped at 0.101%, displaying a lack of investor chatter and discussion activity on the media platforms.

Social Dominance Data | Source: Santiment

However, the weighted sentiment value stayed close to the midline and noted a minor uptick, representing the rise in the investor’s sentiment.

Funding Rate Turns Positive

Along with the price rebound from the demand zone, the funding rate shifted above the zero line at 0.0050%. It conveyed the rise in buying pressure.

Funding Rate Data | Source: Coinglass

If the buying momentum continues, the token may extend the bullish leg beyond the $0.00002300 mark. It might reach the resistance mark of $0.00002700 in the short term.

On the other hand, suppose the memecoin fails to close above the 50-day EMA on a closing basis, it may retrace toward the $0.00002000 mark and then the $0.00001780 mark ahead.

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