BONK surges 10% in 24 hours – Is this the start of something big?

• BONK sees a 10% price jump with $2.7 million net outflow, signaling strong holding sentiment.
• MACD and RSI indicators suggest Bonk has room for more gains as traders eye resistance at $0.00002620.

 Bonk [BONK], a Solana-based meme coin, has gained significant traction in the crypto market. BONK was trading at $0.00002408 at press time, marking a 10.06% increase in the last 24 hours. 

With a trading volume of $555.8 million and a market cap of $1.67 billion, Bonk’s performance has been impressive, showing a 19.56% price increase over the past week. 

Recent price action has brought attention to key levels. A support level has been identified at $0.00002350, which has been tested several times, indicating strong buying interest at this price point. 

The price is currently consolidating between this support level and the next major resistance at $0.00002620, with potential for further upward movement if it breaks through resistance.

Source: TradingView

Technical indicators support continued bullish trend

Technical indicators suggest that Bonk could maintain its upward momentum. Bollinger Bands show that the price is approaching the upper band, a signal that the coin is nearing overbought territory. 

Meanwhile, the current level has seen some rejection, but if the price continues to respect the upper band, there could be a retracement towards the middle band near $0.00002205 before resuming its climb.

The MACD indicator showed that bullish momentum is still intact. The MACD line is positioned above the signal line, although the decreasing histogram bars suggest that buying pressure may be weakening. 

However, the overall trend remains bullish, and traders are closely monitoring for any potential shifts in momentum that could lead to a correction.

Source: TradingView

The Relative Strength Index (RSI) was at 59.34 at press time, just below the overbought threshold of 70. This indicates that Bonk has room for further upward movement before reaching overbought levels. 

Should the RSI rise beyond 70, traders may begin to anticipate a reversal. However, at the current level, the RSI suggests that there is still potential for price growth without immediate risk of a sharp correction.

Bonk’s netflow data further supports a bullish outlook, with persistent outflows indicating strong holding sentiment among investors. Data showed a net outflow of $2.7 million on 17th October, reflecting fewer tokens being deposited on exchanges. 

Source: Coinglass

This trend could reduce selling pressure, potentially leading to price stability or further upward movement as tokens remain in long-term holders’ wallets.

Read Bonk’s [BONK] Price Prediction 2024–2025

Additionally, open interest has risen by 28.24%, reaching $10.33 million, while trading volume increased by 77.63% to $143.74 million, according to Coinglass data. 

This increase in both volume and open interest reflects heightened market activity and growing confidence in Bonk’s future performance, suggesting that the market is preparing for further upward momentum.