based on materials from the site - By CoinPedia News
BONK, the meme token based on Solana, is back in the spotlight of the market. After several weeks of consolidation, the token has risen more than 13% in the last 24 hours, bringing its 7-day gain to an impressive 29%. With a price of about $0.00003028 and a daily trading volume exceeding $1.23 billion, BONK has not only ridden the wave of meme coins but has led it.
Thanks to renewed interest from institutional investors and increased utility driven by the launch of letsBONK.fun, BONK seems to be heading towards a potential breakout rally. Want to know what the next high price will be? Join me to decode the short-term price forecast for Bonk.
Open interest indicates the continuation of the bullish trend.
Analyzing the latest open interest chart of futures from CoinGlass, it can be said that since the beginning of July, BONK has shown a sharp rise in both price and open interest. It is clear that OI has risen sharply alongside price movements, signaling an increase in speculative activity and trader confidence.
Looking at past experiences, it can be said that similar patterns precede prolonged growth of BONK. This growth indicates the influx of fresh capital into the market, likely from traders preparing for the next stage of growth. Current open interest is approaching levels last seen during the BONK rise in November 2024. This also aligns with institutional factors such as the recent inclusion of BONK on Grayscale's watch list.
Price analysis of BONK:
On the daily chart I shared, a breakout from a descending wedge is visible. This is a bullish reversal signal that provokes a sharp move above the resistance level of $0.00002434, which has now become a support level. The breakout growth raised the token's price to a maximum of $0.00003028 today, closely testing the upper Bollinger Band.
Currently, the price of BONK is changing hands at $0.00002831, approaching the Fibonacci extension target level of 61.8% at $0.000034. The RSI is at a maximum of 77.39, indicating overbought conditions, which may lead to short-term consolidation or a slight pullback. Nevertheless, the momentum remains strong, and the overall structure supports further growth as long as the price stays above the support level of $0.00002434.
Thanks to the accelerated growth of the 20-day simple moving average and strong volume support, BONK, from a technical standpoint, is ready for further growth. As a result, if market euphoria continues, the price of BONK could reach $0.00005916.
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