BONK Surges 7% as Whales Accumulate, Bullish Trend Continues

BONK, a Solana-based memecoin, has recently surged by over 7% in the last 24 hours, drawing significant attention from both whales and retail traders. The current structure of BONK supports a bullish continuation, with sustained buying pressure from large wallets and spot traders potentially extending the rally. Over the past few days, whales have been quietly accumulating BONK as prices dipped, a move often considered high-conviction and historically preceding major rallies, especially when followed by rising retail participation.

According to on-chain data, whale-sized Futures Average Order Sizes have appeared since the 7th of June, signaling renewed interest from bigger players. This accumulation during drawdowns is typically a bullish indicator. Additionally, the 90-day Spot Taker Cumulative Volume Delta among spot takers shows a steady and significant surge, suggesting that buyers are initiating more buys rather than closing positions. This shift typically marks the start of a reversal or uptrend.

BONK’s price witnessed a daily 7% increase at press time, coupled with today’s on-chain accumulation and favorable spot market signals. This growth signals a growing positivity in the market as sentiment turns positive following the recent correction phase. If this momentum persists, BONK could be on the verge of another rally. However, caution is advised as memecoin markets are known for their volatility and possible sudden changes in sentiment.

Whales and retail consumers have both demonstrated bullish intent, and the present rally in BONK may still have room to run. However, it could be premature to ignore the chances of a short-term correction. The on-chain indicators lean bullish and point to a potential long-term positive trend. Experts have projected a potential 20-25% gain for BONK, with some even suggesting it could reach $0.000027. However, these targets are not guaranteed, and the support level at $0.000018 is seen as a crucial point for the coin.

Despite significant liquidations in the broader cryptocurrency market, some analysts believe that BONK could still see a major reversal, provided certain conditions are met. The MACD level for BONK is currently negative, but it could reverse if momentum improves. The nearest resistance level for BONK is at $0.000027, and if it breaks this level, it could confirm a bullish trend continuation. However, there are concerns that the current trend may be losing steam. A technical pattern in Bitcoin's price chart, known as a "W" bottom followed by "Three Pushes to a High," often appears near the end of strong trends. If Bitcoin dips below the middle Bollinger Band, it could lead to a bigger pullback. However, if there is a big bounce with more volume, it might show that the trend is not cooling off after all.

The market's next move is crucial, as it will set the tone for the rest of the quarter. Traders are watching closely to see if buyers still have the energy to push prices up. If BONK can hold its current level and sustain its momentum, it could see a major reversal. However, if the market continues to see liquidations and volatility, BONK's bullish trend could be at risk.