BONK Whale Accumulation Hits New High, Signaling Potential Upside

BONK has been enjoying an uptrend support level since mid-September, presenting long position takers with compelling opportunities.

Memecoin BONK has been the center of attention over the last few weeks. After enjoying an uptrend support level since mid-September, presenting compelling opportunities to long position takers, the memecoin’s price has also been gaining momentum, surging upwards along an ascending trendline.

This trendline has not been broken since 18 September. At press time, the memecoin’s price was testing its all-time weekly high of $0.00002347 – A crucial resistance level that could be key to its next major move.

BONK whale accumulation hits new high

According to Santiment, the supply held by whales (more than 5 million tokens) reached 56.38% at press time – A new high since 8 July. Interestingly, during a similar period of whale accumulation in July, the price had spiked by 34% on the charts.

Renewed interest from BONK’s large holders could be the first sign of the memecoin noting more upside.

Bullish liquidation heatmap fuels…

AMBCrypto’s analysis of the liquidation heatmap supported the memecoin’s bullish sentiment too. At the time of writing, a liquidation pool of 12.89k tokens was at risk of liquidation at the $0.00002498 price level. This further reinforced the potential for a breakout.

This kind of liquidation scenario often fuels volatility. However, in this case, it seemed to be playing out in favor of the long position takers.

Significant inflows fuel bullish sentiment

Finally, the memecoin recently recorded large inflows, signaling an increase in demand for the altcoin. These inflows may add further upward pressure on the price of BONK, especially as the memecoin tests its critical resistance zones.

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