Why BONK Price is Up Today?

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BONK, the Solana-based meme token, is once again in the market’s spotlight. After weeks of consolidation, the token has surged over 13% in the past 24 hours, bringing its 7-day gain to a healthy 29%. With its price hovering around $0.00003028 and 24-hour trading volume topping $1.23 billion, BONK is not just riding the memecoin wave, it’s leading it. 

Backed by renewed institutional interest and utility growth from the letsBONK.fun launchpad, BONK appears to be heading toward a potential breakout rally. Curious about the next big price tag? Join me as I decode the short-term Bonk price prediction.

Open Interest Points to Bullish Continuation

Analyzing the latest futures open interest chart by CoinGlass, BONK has seen a dramatic uptick in both price and open interest since early July. It is evident that OI has surged alongside price action, signaling increased speculative activity and trader confidence. 

Learning from the past, patterns like these precede continuous rallies in BONK. This uptick suggests fresh capital is entering the market, likely from traders positioning for the next leg upward. The current open interest is nearing levels last seen during BONK’s November 2024 surge. This further aligns with institutional triggers like Grayscale’s recent inclusion of BONK on its watchlist.

BONK Price Analysis:

The daily chart I’ve shared shows a breakout from a falling wedge pattern. This is a bullish reversal signal, triggering a sharp move above the $0.00002434 resistance, now turned support. The breakout rally has pushed the token to a high of $0.00003028 today, closely testing the upper Bollinger Band.

Currently changing hands at $0.00002831, BONK is approaching the 61.8% Fibonacci extension target at $0.000034. RSI sits at a high of 77.39, indicating overbought conditions, which may lead to short-term consolidation or a minor pullback. However, the momentum remains strong, and the broader structure supports continued upside as long as the price holds above the $0.00002434 support.

With the 20-day SMA accelerating upward and strong volume support, BONK looks technically geared for further gains. Successively, BONK price could ATH of $0.00005916 if market euphoria sustains.

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