What to expect from BONK as a key metric turns bullish
- BONK topped the list of cryptos in terms of Alt Rank.
- Metrics looked bullish, but a few market indicators supported the bears.
Bonk [BONK] bulls were nowhere stopping as the meme coin’s value continued to surge. A possible reason behind this uptrend was revealed by LunarCrush, which pointed out a bullish metric that might have a role to play.
BONK surges in double digits
Investors enjoyed massive profits from BONK over the past few days. According to CoinMarketCap, the meme coin was up by more than 7.8% in the last seven days. In fact, in the last 24 hours alone, BONK’s value shot up by 15%.
At the time of writing, the coin was trading at $0.00001481 with a market capitalization of over $937 million, making it the 67th largest crypto.
Thanks to the price uptick, BONK’s Price Volatility 1w shot up substantially. This hike was accompanied by a rise in trading volume, which is a bullish signal.
Moreover, Ben GCrypto recently posted a tweet, in which he highlighted a crucial metric that gave an overview of what worked in the meme coin’s favor.
Top 5 Coins by Alt Rank: January 9th
Alt Rank is a unique measurement by https://t.co/SjCk33fhRi, that combines actual altcoin price performance relative to #Bitcoin and social activity indicators.$BONK $SEI $ICP $INJ $SOL pic.twitter.com/cWFVBU407Z
— Ben GCrypto (@GCryptoBen) January 9, 2024
As per the tweet, BONK ranked number one on the list of cryptos by Alt Rank on the 9th of January.
For the uninitiated, Alt Rank is a metric provided by LunarCrush designed to assess a cryptocurrency’s community and traction and compare that across the entire cryptocurrency marketplace.
Thus, BONK’s Alt Rank clearly indicated that the meme coin’s price would increase.
Whales are also buying BONK
It was also interesting to see that whales showed increasing confidence in the meme coin. As per a tweet by Lookonchain dated the 9th of January, a whale sold Solana [SOL] tokens worth thousands of dollars to accumulate 3.29 billion BONK.
— Lookonchain (@lookonchain) January 9, 2024
Will BONK continue rising?
AMBCrypto’s look at Coinglass’ data revealed that the possibility of BONK continuing its uptrend was high. Notably, the meme coin’s Open Interest increased. A rise in this metric usually denotes increased chances of a trend continuing.
Realistic or not, here’s BONK market cap in BTC’s terms
Additionally, BONK’s Money Flow Index (MFI) registered a sharp uptick. The meme coin’s MACD also displayed the possibility of a bullish crossover, hinting at a further price rise. Nonetheless, a few metrics suggest otherwise.
For instance, the Chaikin Money Flow (CMF) moved southward. The meme coin’s Bollinger Bands pointed out that its price was in a less volatile zone, indicating that BONK’s price rise may come to an end soon.