Forget Dogecoin, Analyst Says Solana Meme Coin “BONK” Is About To Explode

BONK, the Solana meme coin, has been silent for some time, however an attention-grabbing technical evaluation suggests one thing attention-grabbing is likely to be brewing for its value motion. Over the previous few weeks, the meme coin has displayed an more and more bullish construction, with its value reclaiming a key assist stage and starting to problem overhead resistance.

In accordance with an analyst on the TradingView platform, BONK has simply confirmed a double backside formation; and listed here are the following value targets for the meme cryptocurrency.  

Double Backside Reversal And Golden Cross Factors To BONK Worth Explosion

Technical evaluation of the BONK/TetherUS pair exhibits that the meme cryptocurrency has simply confirmed a double backside formation, which is without doubt one of the most dependable reversal patterns in technical evaluation. This construction factors to the exhaustion of the bearish momentum that has characterised BONK’s value motion because the starting of the 12 months, and the early phases of a bullish development shift. 

BONK’s value motion is now pushing straight into the descending trendline resistance, which a serious technical ceiling that has rejected its rallies since late December 2024. If this barrier is damaged, it will mark a decisive break from the months-long downtrend.

Moreover, the exponential transferring averages are additionally sending a bullish sign. The convergence of the 12-hour EMA-50 and EMA-200 may quickly end in a Golden Cross, which is an occasion that sometimes precedes a powerful upside continuation.

Upside Targets And Key Resistance Zones To Watch

It appears BONK is at present on the trail to breaking above the resistance trendline once more, however this time with sufficient conviction. The final time the meme coin examined this trendline was in late April when its value was rejected at $0.00002179. 

This rejection was resulting from a wave of profit-taking in gentle of the uptrend from the second backside at $0.00001036 on April 7. The following retracement after the rejection introduced the value proper again into the important thing supportive vary between $0.00001550 and $0.00001425, the place it has since bounced on previously 24 hours. 

On the time of writing, BONK is buying and selling at $0.00001824, up by 8.3% previously 24 hours. The subsequent transfer is a push to resistance ranges highlighted by the TradingView analyst earlier than an explosive transfer.

Ought to bulls efficiently pierce via the overhead resistance zone between $0.00002000 and $0.00002100, the following reasonable resistance lies between $0.00002500 and $0.00002750. This vary aligns with a projected transfer from the double backside sample and will function a staging space for additional consolidation. Nevertheless, if bullish momentum continues, particularly on the again of a Golden Cross affirmation, the following stage to look at might be between the $0.00003400 to $0.00003700 zone. This stage carries robust significance, because it aligns with the 50% Fibonacci retracement from the November 2024 all-time excessive.

Featured picture from BONK, chart from Tradingview.com

Editorial Course of for bitcoinist is centered on delivering completely researched, correct, and unbiased content material. We uphold strict sourcing requirements, and every web page undergoes diligent assessment by our workforce of prime expertise consultants and seasoned editors. This course of ensures the integrity, relevance, and worth of our content material for our readers.