- BONK has been on a strong rally, gaining over 38% in the last seven days.
- A bullish crossover on the one-day chart indicates further gains for the meme coin.
Bonk [BONK] is following the broader cryptocurrency market’s trend. Currently, the memecoin is trading at $0.00002507, after a significant 38% increase in just a week.
During this period, BONK’s market capitalization rose from $1.2 billion to $1.8 billion.
Market interest in this altcoin continues to grow, with trading volumes surging by more than 272% in just 24 hours, according to CoinMarketCap.
BONK’s surge aligns with that of Dogecoin [DOGE] and Shiba Inu [SHIB], indicating a rising interest in meme coins.
On the one-day chart, BONK displayed strong bullish sentiment, with the 50-day Simple Moving Average (SMA) crossing above the 100-day SMA, accompanied by a bullish candle.
Source: Tradingview
Buyers are driving these gains, as indicated by the Relative Strength Index (RSI) trending upwards with a value of 65.
If the buying pressure continues, BONK could potentially rally by 32% to reach the next resistance level at the 1.618 Fibonacci level ($0.00003447).
Analyzing BONK’s derivatives data
The derivatives market sentiment towards BONK is mixed. Trading volumes for the meme coin have surged by over 167% to $198M, indicating increasing futures traders’ interest in BONK’s performance.
However, the declining open interest suggests a decrease in open positions on BONK, possibly due to volatile price swings causing futures traders to exercise caution.
Source: Coinglass
The long/short ratio at 0.95 indicates more short positions than long positions, possibly influenced by an increase in long liquidations compared to short liquidations.
Read Bonk’s [BONK] Price Prediction 2024–2025
The derivatives market sentiment serves as an indicator of market sentiment. The mixed data suggests uncertainty regarding the token’s sustained uptrend.
However, the positive sentiment around Solana-based meme coins could bolster the uptrend. CoinGecko data indicates a 20% increase in the total market cap for these meme coins in the last 24 hours, exceeding $15.87 billion.
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