Bitrabo Editorial
BONK, a meme coin on the Solana blockchain, has been experiencing a period of limited price movement in the last day as it approaches a pivotal point that could trigger a rally soon. This moment follows a week marked by significant fluctuations, including a rapid climb and a steep drop in under 24 hours.
Currently, the price of BONK is stabilizing after finding support. Crypto analyst World Of Charts observes that this phase of consolidation could generate momentum for a potential upward breakout.
Anticipated Price Surge for BONK
In a recent update on platform X, analyst World Of Charts shared an intriguing analysis of BONK’s recent price trends, supported by a chart that illustrates a pattern developing since early 2024. The chart indicates that BONK is moving within a symmetrical triangle pattern, defined by progressively lower highs and higher lows.
Additionally, the chart reveals that the price of BONK has frequently tested the upper trendline of this triangle. A notable breakout attempt occurred at the end of September, where the price reached $0.00002557 before a sudden downturn.
Currently, BONK is retesting and consolidating near this upper trendline, with World Of Charts predicting an imminent breakout. The analyst suggests a potential price increase of 168%, projecting a target price of $0.000062, which could kickstart a significant rally.
What Lies Ahead for BONK?
According to World Of Charts, if a breakout occurs, it could propel BONK above its prior all-time high of $0.00004547 before the year closes. When this analysis was conducted, BONK was testing the upper trendline while trading around $0.000023.
As of now, BONK has experienced a slight decline and has not managed to exceed the upper trendline in the last 24 hours. The current trading price stands at $0.00002094, indicating a 0.9% decrease over the past day. Nonetheless, the longer-term outlook remains positive, as BONK is up approximately 26% over the last month, implying potential for upward momentum over an extended period.
The recent inability of BONK to break above the trendline also raises concerns about a continued downtrend. Technical indicators suggest a bearish movement since the coin is trading below the 50-day Simple Moving Average (SMA), and the RSI points to weak buying interest at this time.