BONK Outperforms Bitcoin, Ethereum, and Solana, What’s Next?

On October 1, 2024, the favored Solana-based meme coin Bonk (BONK) made headlines when it led the cryptocurrency market with its spectacular efficiency. Within the continued struggling cryptocurrency market, BONK has outperformed main cryptocurrencies resembling Bitcoin (BTC), Solana (SOL), Ethereum (ETH) and plenty of others with a big worth improve of over 9.5% within the final 24 hours.

On the time of writing, it’s buying and selling close to $0.0000253 and has skilled vital participation from merchants and traders, leading to a 115% spike in buying and selling quantity over the identical interval.

BONK Technical Evaluation and Upcoming Ranges

Based on professional technical evaluation, BONK seems bullish and is poised for a big upward rally within the coming days. Not too long ago, it broke out from a robust resistance degree at $0.000022 and consolidated for 2 days. With a powerful worth improve right this moment, the consolidation zone was damaged, indicating a bullish sign.

Based mostly on the historic worth momentum, if BONK closes its every day candle above the $0.000025 degree, there’s a excessive risk that the value may rise by 30% to achieve the $0.000035 degree within the coming days.

At the moment, BONK is buying and selling above the 200 Exponential Transferring Common (EMA) every day, indicating an upward pattern. The 200 EMA is a technical indicator that determines whether or not an asset is in an up or down pattern.

BONK’s on-chain metrics

Regardless of a bullish outlook and a powerful worth improve over the previous 24 hours, BONK’s on-chain metrics point out fragile market sentiment. Based on the on-chain analytics firm Mint glassBONK’s Lengthy/Brief ratio at the moment stands at 0.99, indicating weak sentiment amongst merchants. Nevertheless, a price above 1 signifies bullish market sentiment.

Moreover, future open curiosity has fallen by 3.8% over the previous 24 hours, indicating that merchants have liquidated their positions, presumably as a consequence of present market sentiment as main cryptocurrencies expertise vital worth declines.