Bonk Price Eyes a 50% Surge as Whales and Smart Money Buys?

Key Insights:

• Bonk price has been in a strong bull run in the past few days.
• Bonk’s technicals point to more upside if it rises above $0.000025.
• Volume and futures open interest has been in a strong surge.

Bonk price has rallied over 100% since June 22, nearing a key resistance at $0.00002590. The memecoin’s momentum has intensified, supported by rising volume, open interest, and whale inflows. A clean breakout above this level may push the price toward $0.00003440 in the short term.

Bonk Price Chart Points Signals a 50% Surge is Possible

Bonk has climbed steadily over the last two weeks, gaining traction after bouncing from the June low at $0.00001132. The price surged for six straight days, reaching its highest level since May 23, signaling a strong bullish reversal.

Technical indicators confirm the bullish structure. Bonk formed a slanted double-bottom pattern, with neckline resistance at $0.00002590 the swing high from May 12. It has also cleared the 23.6% Fibonacci retracement level at $0.00002080.

The token now trades above its 50-day and 200-day exponential moving averages (EMAs), reinforcing short- and long-term strength. Momentum indicators such as the Relative Strength Index (RSI) and Stochastic Oscillator continue rising.

If bulls break above $0.00002590, the next technical target is $0.00003440, which marks the 50% retracement level about 50% higher from current prices. However, a drop below $0.000020 could invalidate the bullish thesis.

Whales and Smart Money Investors are Buying Bonk

The ongoing Bonk price rally could accelerate as on-chain data point to more accumulation by whales and smart money investors. Whales are large investors who hold a substantial share of a coin, while smart money are those with a reputation of executing profitable trades.

Data shows that the top 100 addresses have increased their Bonk positions by 3.56% in the last 30 days. They now hold over 56.35 trillion tokens, much higher than last month’s low of 54.4 trillion.

Further metrics show that smart money investors have boosted their positions by over 464% in the last 30 days to 25.12 billion. These investors held about 4.4 billion tokens on the same day last month.

The ongoing accumulation by smart money investors is a sign that they expect the token price to gain momentum in the next few months.

More data shows that whales have also started to accumulate Bonk tokens. These investors have boosted their positions to 2.16 trillion, up from 2 trillion last week.

Volumes and Open Interest Point to More Demand

Meanwhile, the ongoing buying is also reflected in the futures and spot market data. Numbers reveal that Bonk’s volume jumped to a record high of $892 million on Monday, much higher from $40 million on the same day last week. This volume was much higher than that of other popular meme coins like Floki and Shiba Inu.

Bonk’s futures open interest also continued rising, reaching a high of $48.9 million, the highest level since November last year. Most of the open interest was in exchanges like OKX, Bitunix, Gate, and WhiteBIT.

Open interest is a metric that measures the volume of outstanding put and call orders in the futures market. A high interest is a sign of more demand and liquidity.

Meanwhile, Santiment data shows that Bonk’s social dominance surged to a high of 1.825%, up from a low of 0.067% last month. A soaring social dominance is a sign of high interest among retail investors.

Bonk price has surged in the past few days, and its strong technicals and fundamentals point to more gains in the coming weeks. It has formed numerous bullish technicals, while its strong fundamentals like rising open interest, social media dominance, and volume point to more gains.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.