BONK Turns Bullish: Is A Falling Wedge Breakout Imminent

Bonk (BONK), a Solana-based memecoin, has seen a substantial uptick in its value and recovered the most this week. With an increase of over 25% in a week, the memecoin was poised to cross the channel’s upper trendline shortly.

This memecoin has risen for a sixth consecutive session and registered a weekly bullish streak. It indicated a renewed buying interest. It made a double bottom formation around $0.00001700 and anticipated a breakout.

Along with the market’s bullish movement overnight, BONK has extended the bullish spell and retested the 50-day EMA mark. The Bitcoin price registered a weekly range breakout and reached the $64k mark, which fueled the uptick of the altcoin price.

The BONK price has made lower low swings for the last three months. It was capped inside a falling wedge pattern. The demand zone was recently revisited, and the correction phase was completed.

Yet, a confirmed breakout was on the horizon, and bulls were molding their eyes to chase it. A daily close above $0.00002500 would confirm the bullish trend, and it might sprint ahead.

BONK Drives the Up Move: What Lies Ahead?

The daily chart observed sustained buying pressure, and the memecoin continued to extend the bullish move. With the significant price uptick, BONK has approached the key hurdle of $0.00002200 and teases a next bullish leg up.

BONK Price Chart | Source: Santiment

When writing, BONK traded at $0.00002130 with an intraday surge of over 12.30%, conveying a bullish stance.

With a market cap of $883.57 Million, the memecoin was ranked 84. Going forward, the trading volume rose 56%, implying rising investor interest.

Technical indicators guided a positive outlook. The RSI curve went up and noted a positive divergence. It implied the rise in a bullish spell. In addition, the MACD indicator plotting the green bars on the histogram conveyed the bullish crossover.

Yesterday, the crypto market was influenced by the statement of the Federal Chair, Jerome Powell. He said, “ The time has come for policy to adjust.”

Afterward, the crypto market experienced an uptick in most crypto altcoins, underlining the positive market sentiment.

Joe Mitoshi (@CryptoSays) tweeted that BONK has a bullish technical chart. It has seen a rebound with a spurt in trading volume, which signifies the bullish cue.

A Tweet by @CryptoSays | Source:X

A significant rise in active addresses and a reduced circulating supply on exchanges suggests a strong potential breakout is on the horizon.

Social Dominance and Weighted Sentiment Data Overview

The Social Dominance data remained below the midline zone and capped in the downward zone at 0.101%. It underlined the lack of investor chatter and discussion activity on the media platforms.

Social Dominance Data | Source: Santiment

However, the weighted sentiment value stayed close to the midline and reflected a minor uptick, representing the rise in the investor’s sentiment.

Funding Rate Went Positive

Along with the price rebound from the demand zone, the funding rate shifted above the zero line at 0.0050%. It conveyed the rise in buying pressure.

Funding Rate Data | Source: Coinglass

If the buying momentum continues, the token may extend the bullish leg beyond the $0.00002300 mark. It might reach the resistance mark of $0.00002700 in the short term.

On the other hand, suppose the memecoin fails to close above the 50-day EMA on a closing basis, it may retrace toward the $0.00002000 mark and then the $0.00001780 mark ahead.

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