Solana’s BONK Price: Token Eyes January Highs as Bullish Pattern Confirms

TLDR

BONK has successfully retested the upper boundary of a falling wedge pattern after breaking out Currently trading at $0.00002041, up 5.32% in the past 24 hours Net inflow of over $1.27 million shows accumulation pressure with more buying than selling Derivatives volume rose 26.41% to $60.75M while Open Interest increased 15.81% to $23.86M Technical analysis suggests potential for a 70% rally targeting $0.00003243 if momentum continues

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BONK, the popular Solana-based meme coin, is showing promising signs of bullish momentum after breaking out of a falling wedge pattern. The token has been consolidating in May but now appears poised for a potential upward move.

At the time of writing, BONK is trading at $0.00002041, marking a 5.32% increase in the past 24 hours. This puts the token slightly above the point of control (POC) resistance at approximately $0.00001955, which previously acted as a pivot point before a pullback.

Bonk
BONK Price

Recent price action reveals that BONK is attempting to stabilize around the 200 EMA after being rejected by the local high near the 0.00002581 level. This rejection led to a measured pullback towards $0.00001820.

However, technical analysis suggests this retracement is forming a bullish continuation setup rather than indicating a bearish reversal. The retracement has brought BONK directly into a zone of heavy technical interest.

At the heart of this confluence lies the 200 EMA on the 4-hour timeframe, which could serve as the next support zone for the meme coin moving forward. The retracement also aligns with the 0.618 Fibonacci level, commonly associated with bullish corrections.

On-Chain Metrics Support Bullish Case

On-chain spot activity has aligned with bullish sentiment. BONK recorded $14.18 million in inflows compared to $12.91 million in outflows, resulting in a net inflow of over $1.27 million.

This highlights growing accumulation pressure, suggesting more tokens are being held rather than sold. Such imbalances typically support upward price movement.

This buying interest surfaced just as BONK stabilized above its breakout level, reinforcing the possibility of a continuation rally.

Speculative interest in BONK is gaining momentum as well. Derivatives volume rose 26.41% to $60.75M, while Open Interest increased 15.81% to $23.86 million.

This suggests traders are positioning for a significant move, likely anticipating a confirmed breakout. Rising Open Interest during a price increase often signals new long positions entering the market.

Market Structure Remains Strong Despite Lower Social Interest

From a volume standpoint, each upward impulse has shown rising volume since the first week of April. However, the recent decline occurred on diminishing volume, hinting at exhaustion from sellers.

Despite strong technical momentum, BONK’s social metrics have declined since late April, with social dominance dropping to 0.056%. This decline in hype indicates a consolidation phase, where speculative chatter slows and market structure takes precedence.

Interestingly, such quiet periods often set the stage for larger price movements once sentiment rebounds.

The shift in BONK’s funding rate further supports the bullish case. At press time, the OI-Weighted Funding Rate printed +0.0091%, confirming a positive tilt in trader bias.

This move from neutral territory to a clear long-heavy sentiment implies traders are increasingly confident in BONK’s upward potential. When Funding Rates trend positively in tandem with rising Open Interest, it often suggests conviction behind the longs.

Potential Short Squeeze Could Accelerate Upward Movement

The OKX liquidation heatmap reveals a dense cluster of short liquidation levels around $0.000021 and above. This creates a potential fuel zone that could trigger a cascading squeeze if BONK pushes through this area.

As the price approaches this resistance pocket, trapped shorts may be forced to close positions, accelerating upward momentum.

If BONK manages to maintain buying pressure and secure a decisive breakout above current levels, the stage could be set for a strong rally. Technical analysis suggests a potential 70% upside move that could send the token toward a new 2025 high.

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