BONK Coin (BONK) Poised for a Potential Breakout as the Solana-based Meme Coin Enters Its Third Wave

NAIROBI (CoinChapter.com) — BONK is poised for a potential breakout as the Solana-based meme coin enters its third wave

Solana-based meme coin BONK is preparing for a potential breakout into its third wave, which could see the token rally to $0.000027, according to Scott Matherson, a prominent figure in the cryptocurrency analysis community.

Matherson recently applied the Elliot Wave Theory to BONK, which is charting a clear upward trajectory. In his analysis, shared on X, the analyst projects that BONK coin price is poised to rally to $0.000027 during its third wave. His analysis notes that BONK crypto has already completed its first wave peak at $0.000022, confirming the likelihood of a further impulsive move to the $0.000027 level.

As per the analysis, the memecoin appears to have completed its corrective second wave, rebounding from the $0.0000167 level, which Matherson identifies as the bottom during the correction phase. He anticipates this rise by Sept. 2024. After reaching the $0.000027 price mark, Matherson predicts a subsequent correction, with the price expected to pull back to $0.000023. The analyst also suggests a more bullish outlook, with the BONK coin possibly reaching $0.000029 during its fifth wave.

However, despite these gains, BONK’s token projected high still remains below its all-time high (ATH) of $0.000047, which was achieved in March 2024.

Technical Indicators Signal Positive Momentum for BONK

As of Aug. 27, 2024, BONK/USD trades at $0.00001944, down 3.18% over the last day. With a market cap of $1.36 billion and a 24-hour trading volume of $122.4 million, the memecoin is positioned below key resistance levels at $0.00002190 and $0.00002183, which are defined by the 50-day and 200-day EMAs, respectively.

The Relative Strength Index (RSI) is situated at 45.85, indicating a neutral position and suggesting possible consolidation. Additionally, the Fibonacci retracement levels on the chart show key targets at $0.00002475 (0.618 Fibonacci level) and $0.00003967 (1.618 Fibonacci extension), with the latter aligning closely with Matherson’s long-term target for the fifth wave.

Notably, the daily chart also reveals a descending triangle pattern, which is often interpreted as a bullish continuation pattern when it appears within an uptrend. Furthermore, the MACD histogram is displaying green bars, suggesting that a bullish crossover is forming on the indicator, which could reinforce the possibility of a breakout.

SleekCrypto, a crypto influencer, has highlighted the impressive performance of the BONK/USDT pair this cycle. According to him, one trader managed to turn $18,000 into $18 million with the coin, and combined with the bullish technical indicators, this could see memecoin traders preparing for a breakout towards $0.000027.

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