BONK may be gearing up for a significant 30% rally due to its bullish on-chain metrics and potential descending trendline breakout...
Coinglass’s BONK long/short ratio suggested that traders’ sentiments have been bullish, the popular Solana-based memecoin is poised for a significant price surge due to its bullish on-chain metrics and potential breakout. In fact, despite the ongoing bearish market sentiment, BONK has outperformed top cryptocurrencies including Bitcoin , Ethereum , and Solana .At press time, BONK was trading near the $0.0000161-level, following a hike of over 2.5% in the last 24 hours.
However, there’s a chance for a bullish move here. On the four-hour timeframe, BONK may be on the verge of breaking out from a descending trendline. If it breaks out and closes a candle above $0.0000165, there is a high possibility it could soar by 30% to $0.000021 in the coming days. supported this bullish outlook as it was in oversold territory, potentially indicating a bullish reversal.
However, this bullish thesis will only work if BONK closes a candle above the $0.0000165 level. On the other hand, if it fails to break this level and falls below $0.0000152, there is a high chance it could turn bearish and drop by 12% to $0.0000134.suggested that traders’ sentiments have been bullish. At the time of writing, the ratio had a value of 1.0264 .
Additionally, BONK’s Futures Open Interest has been continuously rising. In the last 24 hours, for instance, it climbed by 11%.A hike in Open Interest and a long/short ratio above 1 are potential buying signals and, traders often follow this combination to bet on trades in either direction.
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