Key Takeaways:
- BONK has gained 23% over the last 7 days, which shows good positive momentum.
- Consolidation breakout and double-bottom reversal confirmed with strong volume.
- Mid-term technicals are showing further increases after achieving their first target.
BONK, the Solana-based meme coin, is capturing the crypto world with an immense bullish breakout that has already registered a triple-figure gain since the breakout zone.
Presently, BONK is trading at $0.00002719, which marks an increase of 6.27% in the last 24 hours and a 23.03% rise in the 7-day performance table.
The momentum is based on a clean technical setup that is apparent on its 7-day candlestick chart. The price movement first registered sideways consolidation in the vicinity of the $0.000023 range, then dropped briefly towards $0.000020, indicating bearish pressure.
Source: CoinMarketCap But the drop was immediately negated as BONK registered a double-bottom pattern, which is frequently seen as a bullish reversal signal, and embarked upon an ascent.
This comeback was followed by an unmistakable breakout candle that took the token past the $0.000026 resistance, all in the presence of marked growth in trading volume, typical evidence of the confirmation of the breakout.
Also Read: BONK Price Skyrockets 22%: But Will the ETF Launch Sustain the Rally?
Well-known crypto analyst Solberg Invest spotted this move in advance, referencing that BONK has rallied over 100% since breaking out of its midterm downtrend line.
The chart shared by the analyst indicates the evolution of the token from being in a downswing to a current uptick, with the first technical target already being met.
From current resistance regions and Fibonacci-based targets, the following regions of upside may be in the range of the $0.000030$0.000032 area.
Source: X CoinGecko data backs this view. The token went up 40.4% over the past week and saw a 65.1% jump in trading volume, showing growing interest from investors and steady buying.
Technically, BONK has crossed into the short-term bullish territory, and the price has renewed volume and community hype. A successful bounce from the $0.000024 level would confirm the breakout as strong support.
All the same, being that BONK is a meme coin, the investor should be cautious of volatility. A pullback to reaffirm the previous resistance areas could give the new entry level of the bulls targeting the next phase higher.
While BONK is in the middle of its mid-term comeback, the token has become one of the top Solana-based token performers. If the momentum and the volume are maintained, the token could be due for still higher valuations in the short term.
Also Read: BONK Ignites Rally Toward $0.0000592: Explosive Momentum Builds
Disclaimer: This article is based on real-time market data and general technical observations. It does not constitute financial advice. Always conduct your own research before making investment decisions.
