Bonk (BONK) Price Prediction: BONK Could Soar by 30% to Reach the $0.0000335 Level

The popular Solana-based meme coin Bonk (BONK) is making waves in the cryptocurrency landscape with its impressive performance.

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Solana-based meme coin Bonk (BONK) soared by 15% to outpace top cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) in the past 24 hours.

Charting a steep upward trajectory, BONK led the crypto market on Monday morning with a trading price of around $0.000025. Notably, BONK’s price surged by 15.3% over the last 24 hours. During the same period, the meme coin’s trading volume also jumped by 35%, indicating heightened participation from traders and investors.

Moreover, BONK soared by 30% to reach the $0.0000335 level if it closes a daily candle above $0.0000248.

BONK Technical Analysis and Upcoming Levels

A glance at the daily chart reveals a bullish picture for BONK, suggesting the meme coin is poised to rally significantly in the coming days. On September 27, 2024, the meme coin broke an important resistance level and closed its daily candle above that level and the 200-day Exponential Moving Average (EMA). Since then, BONK has been consolidating between the $0.000024 and $0.000019 levels.

With the recent price surge, BONK has broken out of its consolidation zone and currently has no resistance level impeding its upward rally. If BONK closes a daily candle above $0.0000248, the meme coin could soar by 30% to reach the $0.0000335 level in the coming days.

However, BONK’s Relative Strength Index (RSI) is in a range that indicates a potential rally ahead.

Bullish On-Chain Metrics

The positive outlook for BONK is also supported by on-chain metrics. According to on-chain analytics firm Coinglass, BONK’s long/short ratio is currently 1.05, indicating bullish sentiment among traders.

Furthermore, its open interest surged by 30% in the last 24 hours. This substantial increase in open interest suggests that traders are likely building their positions following the breakout from the consolidation zone.

Apart from BONK, Dogecoin (DOGE) gained massive attention as it soared more than 10% in the last 24 hours. Meanwhile, other meme coins, including SHIB, PEPE, and WIF, experienced price surges of 4%, 3.8%, and 3.5%, respectively.

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