With a 4% increase, open interest indicates a massive rally
BONK Price Defies Bears With 4% Surge, Open Interest Indicates Massive Rally appeared first on Coinpedia Fintech NewsBonk (BONK), the popular Solana-based meme coin, is defying the market trend and is poised for a massive price surge despite bearish sentiment.
With an impressive 4% price increase, it has gained significant attention from the crypto community, resulting in its open interest skyrocketing by 16% in the past 24 hours.
BONK Outperforms Major Cryptocurrencies
With strong bullish intent, BONK has outperformed major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and BNB (BNB).
At press time, it is trading near the $0.0000162 level and has seen a price increase of over 4% over the past 24 hours. Meanwhile, BONK’s trading volume has increased by 72% over the same period, indicating increased trader participation amid the recent market downturn.
BONK Price Prediction
According to the technical analysis of the experts, BONK is close to a crucial support level of $0.000015 and is currently facing strong resistance from a downtrend line and a horizontal level of $0.0000164. If BONK price momentum continues and clears both hurdles, it could surge by 30% to the $0.0000213 level in the coming days. Source: Trading View Meanwhile, the Relative Strength Index (RSI) is in the oversold territory, which indicates a possible bullish price reversal in the coming days.
Bullish on-chain metrics
In addition to technical analysis, key on-chain metrics also support BONK’s bullish outlook. CoinGlass’ BONK Long/Short Ratio, a sentiment indicator that highlights traders’ opinions and market sentiment, currently stands at 1.112, the highest level since August, indicating strong bullish sentiment. Source: CoinGlassAdditionally, the data shows that 53% of top traders are holding long positions, while 47% are holding short positions, which also supports this bullish outlook.
On the other hand, BONK's open interest has also increased by 16% over the past 24 hours, indicating increasing interest from traders amid the current price momentum. Source: CoinGlassThe combination of rising open interest with a long/short ratio above 1 is a strong bullish signal. Traders often use this combination to bid their trades on both sides.