The top meme coins are gaining momentum as the broader cryptocurrency market recovers. BONK, a Solana-based meme coin, is gradually gaining momentum and preparing for a breakout rally.
Currently, BONK trades at a market price of $0.00001258 with an intraday recovery of 2.19%. Will this short-term recovery lead to a potential breakout of the $0.000015 supply zone? Let’s find out.
BONK Price Analysis
In the daily chart, the BONK price action reveals a double bottom reversal, gaining momentum. The baseline for the double bottom is formed close to the $0.000010 psychological level.
The neckline of the bullish pattern stands close to the $0.000015 mark. Currently, the Bonk price consolidates near the $0.000012 mark. This zone marks the highest trading volume zone since December 2024.
Despite the consolidation, the prevailing recovery run maintains a positive flow in the MACD and signal lines. Furthermore, the daily RSI line witnesses an uptick slightly above the halfway line. Hence, the technical indicators support the possibility of a potential breakout run.
Long Positions Skyrocket in BONK
Over the past four hours, BONK has witnessed a major upswing in the number of long positions. Based on the data from Coinglass, the long positions for the memecoin have surged to nearly 59%.
This drives up the long-to-short ratio to 1.4378, signaling a major turn in memecoin sentiments. With the massive surge in long positions, traders anticipate a bullish recovery in BONK.
BONK Price Targets
Based on the Fibonacci levels, this breakout of the $0.000015 supply zone will likely test the 23.60% retracement at $0.000020. This marks an upside potential of nearly 90%.
Furthermore, the breakout run could reach the second-highest trading volume zone close to the 50% Fibonacci level near $0.00003180. On the flip side, the crucial support for Bonk remains at the $0.000010 psychological mark.
