On-chain metrics reveal that exchanges have witnessed $45.73 million worth of BONK outflow.
- BONK’s price action hinted that it could potentially surge by 250% to reach the $0.000137 level. In the short-term, BONK could soar by 40% to reach the $0.0000545 level in a short period.
Bonk [BONK], the popular Solana [SOL]-based memecoin, is poised for a massive upside rally as it has formed a bullish price action pattern on its daily chart.
At press time, the overall cryptocurrency market appeared to be recovering after a price decline on the 10th of December, which might be driving heightened interest in the meme coin.
Whale’s rising interest in BONK
It appears that whales and long-term holders have increased their interest and confidence, leading to a significant outflow of BONK from exchanges, as reported by the on-chain analytics firm Coinglass.
Data from BONK’s Spot Inflow/Outflow revealed that exchanges have witnessed a significant outflow of $45.73 million despite a notable price decline on the 10th of December.
Notably, this substantial outflow has been ongoing since the beginning of December 2024.
In the cryptocurrency industry, outflow refers to the transfer of assets from exchanges to wallets, which indicates a potential upside rally and suggests ideal buying opportunities.
Technical analysis and key levels
According to AMBCrypto’s technical analysis, BONK has successfully retested its breakout level from a weekly ascending triangle price action pattern.
Following the sharp price decline, BONK has found support and formed a bullish engulfing candle pattern.
Source: Trading View
Based on recent price action, there is a strong possibility that BONK could soar by 40% to reach the $0.0000545 level in a short period.
If this bullish momentum and sentiment persist, the memecoin could potentially surge by 250% to reach the $0.000137 level in the future, which is considered a long-term target.
On the positive side, BONK’s Relative Strength Index (RSI) was 46 at press time, near the oversold area.
When an asset’s RSI approaches the oversold region, there is a strong possibility of a price reversal, which could occur in the coming days.
At press time, BONK was trading near $0.000395 after a price surge of over 5.65% in the past 24 hours.
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