BitMine plans $20B stock sale to boost Ethereum holdings – Details
- BONK’s price seemed to be approaching a key resistance level, with whale accumulation at its highest since 8 July
- Metrics indicated bullish liquidation potential, with inflows suggesting further upward momentum
BONK has been enjoying an uptrend support level since mid-September, presenting long position takers with compelling opportunities.
The memecoin’s price has been gaining momentum too, surging upwards along an ascending trendline. Here, it’s worth pointing out that this trendline has not been broken since 18 September.
At the time of writing, 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.
Source: Tradingview
BONK whale accumulation hits new high
According to Santiment, the supply held by whales (holding more than 5 million tokens) spiked to 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.
Source: Santiment
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 play 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 memecoins tests its critical resistance zones.
Source: Coinglass
Read Bonk’s [BONK] Price Prediction 2024–2025
With whale accumulation at its highest since July and the threat of bullish liquidations looming, the memecoin might just be well-placed for a bullish rally continuation.
A close above the resistance at $0.00002347 would set up additional gains.
