BONK Surges 5.32% Amid Bullish Technical Patterns

Solana’s meme coin BONK has experienced a volatile month, with its price fluctuating significantly. Currently, BONK is trading at approximately $0.00002041, marking a 5.32% increase over the past 24 hours. The token has retraced to a critical support zone, retesting and holding above a falling wedge breakout on the daily timeframe. This technical pattern suggests a potential for a substantial upward move, with analysts predicting a 77% increase if the price breaks above $0.00001955.

BONK’s recent price action has been characterized by a pullback to the 200 Exponential Moving Average (EMA) on the 4-hour chart, which is acting as a support zone. This retracement aligns with the 0.618 Fibonacci level, a common indicator of bullish corrections. The price has been consolidating between a daily support zone of $0.00001832-$0.00001841 and a resistance zone of $0.00002034 since mid-May. This consolidation suggests that buyers are defending the trend, forming a higher low.

Volume analysis indicates that each upward impulse since early April has shown increasing volume, while the recent decline occurred on diminishing volume. This pattern suggests seller exhaustion and potential for a reversal. The key level to watch is the point of control (POC) resistance at approximately $0.00001955. A confirmed close above this level could trigger a rapid move toward the next resistance cluster around $0.00002581, potentially reaching a predicted target of $0.00003243. This would represent a 77% rally from current levels, bringing it close to its January 2025 open of $0.000035.

On-chain data supports the bullish outlook for BONK. The token has recorded $14.18 million in inflows compared to $12.91 million in outflows, resulting in a net inflow of over $1.27 million. This indicates growing accumulation pressure, with more tokens being held rather than sold. Additionally, derivatives markets are showing increasing interest, with volume rising 26.41% to $60.75 million and Open Interest increasing 15.81% to $23.86 million. This suggests that traders are positioning for a significant move, likely anticipating a confirmed breakout.

The shift in BONK’s funding rate further supports the bullish outlook. The OI-Weighted Funding Rate is positive at +0.0091%, confirming a long-heavy sentiment among traders. The liquidation heatmap reveals a dense cluster of short liquidation levels around $0.000021 and above. If BONK pushes through this area, it could trigger a cascading squeeze as trapped shorts are forced to close positions.

While social metrics have declined since late April, with social dominance dropping to 0.056%, this reduced hype may simply indicate a consolidation phase where market structure takes precedence over speculative chatter. As long as inflow dominance and trader confidence remain intact, BONK’s price action should stay favorable. If it surpasses the crucial $0.000021 liquidation cluster, a rapid climb toward $0.000025 becomes increasingly likely.