BONK: Analyzing the memecoin’s odds of a 30% rally

• On-chain metrics revealed that exchanges have witnessed an outflow of $4.5 million worth of BONK.
• Currently, 52.98% of top traders hold long positions, while 47.02% hold short positions.

Bonk [BONK] has finally found support at the $0.000025 level after experiencing a price decline of over 60% in the past few weeks. However, it has yet to confirm whether the sentiment has shifted.

Still, the current market outlook suggests a potential turnaround for the meme coin.

Rising interest from traders and investors

Another factor that could shift BONK’s sentiment is the rising interest and confidence of traders and investors, as revealed by the on-chain analytics firm CoinGlass.

Data on spot inflows and outflows shows that exchanges have witnessed a significant outflow of $4.5 million worth of BONK over the past three days.

This substantial outflow in the current market conditions suggests potential accumulation, which could create buying pressure and drive upside momentum.

In addition to long-term holders’ outflows, intraday traders are betting on long positions, as revealed by CoinGlass’s on-chain metrics. 

At press time, the BONK’s Long/Short Ratio stood at 1.07, indicating strong bullish sentiment among traders. These metrics further reveal that 52.98% of top traders hold long positions, while 47.02% hold short positions.

When combining these on-chain metrics, it appears that the bulls are back, supporting the meme coin in restarting its upside momentum.

BONK technical analysis and key levels 

According to AMBCrypto’s technical analysis, BONK appears neutral and is at a level where it is inches away from either rallying significantly or declining in the future.

BONK’s price prediction 

Based on historical price momentum, this is not the first time BONK has reached this level. The last time the meme coin was at this level, it experienced a 35% upside rally, which experts and analysts are anticipating again.

If BONK holds the $0.000025 level, it is highly likely to soar by 30% to reach the $0.000035 mark in the future. Conversely, if it fails to hold this level and closes a daily candle below the $0.000025 mark, we could see the meme coin drop near the $0.000016 level.

Read Bonk’s [BONK] Price Prediction 2024-25

At the time of writing, the memecoin was trading near $0.000027 and has experienced a modest 1.10% upside momentum.

However, during the same period, its trading volume dropped by 40%, indicating lower interest from traders and investors amid the ongoing market recovery.