BONK price prediction: Decoding if the memecoin can cross its ATH

2 weeks ago 90
  • BONK’s Open Interest rates and superior inflows successful the futures marketplace surged to grounds levels
  • Although the surge is bullish for BONK’s price, BTC losses could impact further upswing. 

Bonk [BONK], a Solana [SOL] homegrown meme coin, was up 20% connected the play terms charts. It was trading astatine $0.00004095, astir 17% from its grounds all-time precocious of $0.00004770 connected the 4th of March. 

A determination supra the ATH volition efficaciously propulsion BONK into terms discovery, i.e., into caller terms territory ne'er deed before.

In specified a scenario, a crypto trader, Ninja Scalp, projected that BONK could detonate based connected a akin signifier successful aboriginal March. 

“$BONK – past clip the canine coin entered terms find successful March, a spike successful measurement occurred connected the Solana blockchain soon after, with ~$2b measurement daily. Will past repetition itself?”

It’s worthy noting that humanities information doesn’t dictate aboriginal outcomes. 

However, BONK saw monolithic buying on-chain measurement and overwhelming affirmative marketplace sentiment, arsenic shown by the Volume (marked white) and Weighted Sentiment (marked red).

This underscored BONK’s bullish set-up. 

BONK price

Source: Santiment

Interestingly, Ninja Scalp’s assertion connected Open Interest (OI) surge during terms find was playing retired arsenic of property time. For the unfamiliar, OI tracks superior inflows and wide sentiment successful the futures market. 

At property time, BONK’s OI deed a grounds of $24 million, compared to the $20 cardinal deed successful aboriginal March’s terms discovery.

The surge successful OI suggested that BONK saw monolithic superior inflows recently, a bullish sentiment successful the futures market. 

Bonk terms  prediction

Source: Coinglass

However, liquidity maps showed sizeable liquidation levels concentrated connected the little broadside of terms action, specifically astir $0.000035 and $0.000040 (levels marked by orange).

Bonk terms  prediction

Source: Coinglass

Typically, terms enactment tends to determination towards precocious liquidity levels (orange). If specified a script plays out, the BONK terms could easiness to $0.000040 oregon $0.000035 earlier moving guardant to $0.000045. 

On the terms charts, the supra liquidity clusters aligned with 23.6% and 38.6% Fib levels.

Bonk terms  prediction

Source: BONK/USDT, TradingView

So, BONK could spot much gains if bulls support the 23.6% Fib level, with contiguous targets astatine the erstwhile ATH (0.000048) and $0.000056. 

However, contempt the unthinkable buying pressure, arsenic shown by the bullish RSI (Relative Strength Index) reading, the CMF hasn’t breached supra the mean level. 

The past clip BONK deed the terms find level, CMF (Chaikin Money Flow) was supra zero. So, the superior inflow has truthful acold been great, but CMF was beneath the March reading. 

Realistic oregon not, here’s BONK’s marketplace headdress successful SOL terms

In fact, BONK’s further upside could beryllium delayed if Bitcoin [BTC] fails to clasp supra the $67K level. 

As Ninja Scalp stated, there’s been a sizeable leap successful OI arsenic BONK nears different terms discovery. However, the bullish momentum could beryllium weakened if BTC records much losses.

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