The coin $BONK has emerged from the rubble to steal the spotlight. In just the first 15 days of July, the meme coin on the Solana network recorded an astonishing jump of 100%. Is this just a temporary spark? Or the beginning of a crazier rise?
🔥 Strong technical indicators support the rise
Green Supertrend: This indicator is used to identify strong trends, and its turn to green indicates the start of a confirmed upward wave.
MACD and RSI in positive momentum zones: indicating that demand exceeds supply and buying dominates the market.
🟢 Simply put: the market currently loves BONK... intensely.
📉 Supply is decreasing... and demand is increasing
One of the key factors that caught investors' attention:
The number of BONK coins available on exchanges has decreased by 22% in just 30 days, and this drop in available supply means one thing: big players are withdrawing $BONK to their own wallets, signaling an intention to hold and wait for stronger rises.
💡 The lower the supply and the higher the demand... the greater the chances of a price explosion.
✅ Increasing institutional interest:
Inclusion of BONK on Grayscale's watchlist, a company known for its investment products in crypto.
This means that BONK is no longer just a 'meme coin', but is starting to be considered a financial asset suitable for institutional investment.
🔥 Plan to burn one billion tokens: Is bullish pressure coming?
The BONK project recently announced its intention to burn 1 trillion tokens as part of its strategies to reduce supply and create inflationary pressure that supports the price.
💸 Futures contracts sound the buying alarm
Positive funding has been recorded in the BONK futures market for 9 consecutive days. This means that traders are paying a premium to maintain their long positions (buying), reflecting high confidence in the continuation of the rise.
🎯 Next target price: $0.000060
Market analyses indicate that it may record a rise of 150% to 200% from its current levels, with a target price ranging from $0.000065 to $0.000075, a level BONK hasn't reached since its historical peak.
💬 After BONK's 100% rise over two weeks, do you think the current momentum will continue, or are we about to enter a correction phase?