BONK Gains Momentum as Bullish Pennant Eyes 35-40% Rally with 135% Volume Surge

The BONK token has shown signs of renewed momentum amid a bullish pennant formation on the 4-hour chart, with analysts highlighting a potential breakout scenario. The pattern, characterized by converging resistance and support levels, suggests a possible 30-40% price increase if the asset breaks above $0.00003657, a key resistance threshold. Current price action remains constrained within a narrow range, bounded by support at $0.00003282 and resistance near $0.00003657, as traders await confirmation of the pattern’s validity [1].

Trading volume for BONK surged 135.59% within 24 hours, reaching $1.25 billion, indicating heightened market participation and speculative interest. This spike in activity aligns with historical patterns preceding significant price movements, as bulls attempt to reassert control after a consolidation phase. The token’s market capitalization stands at $2.72 billion, with a current price of $0.00003305, reflecting a 1.19% intraday decline despite the broader bullish structure [1].

The pennant formation, initiated by a sharp rally in early July, has defined a consolidation channel where price action has repeatedly tested key resistance without sustaining a breakout. Analysts project that a confirmed close above $0.00003657 could trigger a measured move to $0.00004800, a 35-40% increase from current levels. This projection is based on the pattern’s height, which measures the previous upward surge before consolidation. However, failure to hold above $0.00003657 risks a pullback to July’s lower levels, while a breakdown below $0.00003282 could invalidate the bullish setup [1].

Volume-to-market cap ratio analysis further underscores elevated speculative interest, with the ratio settling at 45.82% at the time of reporting. This metric, often used to gauge short-term momentum, suggests that traders are actively positioning ahead of a potential breakout. Meanwhile, the 24-hour price range of $0.00003657 to $0.00003282 has become a critical battleground, with both buyers and sellers contesting control over the token’s near-term trajectory [1].

Despite the technical indicators favoring a bullish outcome, market sentiment remains mixed. The inability to maintain intraday highs above $0.00003620 has introduced short-term uncertainty, as bears continue to test the resilience of the pattern. Traders are closely monitoring volume dynamics and trendline interactions for immediate signals, with the next 24-48 hours expected to determine whether the pennant resolves as a continuation or a reversal [1].

The projected price target of $0.00004800 relies on the assumption that the pattern holds intact and that volume supports a breakout. If confirmed, this scenario could attract further speculative inflows, amplifying the potential for a short-term rally. However, caution is warranted given the token’s recent intraday decline and the narrow trading range, which highlight the fragility of the current structure [1].

Source: [1] [BONK Price Builds Momentum: Bullish Pennant Targets $0.00004800 Amid 135% Volume Spike] [https://cryptonewsland.com/bonk-price-builds-momentum-bullish-pennant-targets-0-00004800-amid-135-volume-spike/]