- BONK’s price seemed to be approaching a key resistance level, with whale accumulation at its highest since 8 July
- Metrics indicated bullish liquidation potential, with inflows suggesting further upward momentum
As a seasoned crypto investor who has weathered multiple market cycles and witnessed the rise and fall of countless digital assets, I find myself particularly intrigued by the recent developments surrounding BONK. The memecoin seems to be on the cusp of a significant breakout, with its price testing the all-time weekly high resistance level at $0.00002347.
As an analyst, I’ve noticed that BONK has maintained a steady uptrend since mid-September, offering attractive possibilities for those considering long positions.
The value of the meme coin is picking up speed and climbing higher according to a rising pattern. Notably, this upward trajectory hasn’t been interrupted since September 18th.
Currently, as I’m typing this, the memecoin was attempting to reach its peak weekly value of $0.00002347 – a significant barrier that might influence its upcoming significant shift in price.
BONK whale accumulation hits new high
At the present moment, as per Santiment’s data, the proportion of tokens held by whale investors (those with over 5 million tokens) has surged to an all-time high of 56.38%. This is the highest it’s been since July 8th.
It’s worth noting that when whales were amassing in July, the price surged by 34% as shown on the graphs.
A resurgence in enthusiasm from significant investors in BONK may indicate that this memecoin is set for further price increases.
Bullish liquidation heatmap fuels…
According to AMBCrypto’s analysis, the bullish feeling about the memecoin was also strengthened by their examination of the liquidation heatmap. At the time of the report, a liquidation pool containing approximately 12,890 tokens stood on the brink of being liquidated at the price point of $0.00002498. This added evidence to the possibility of a breakthrough in the market.
In such a situation of liquidation, there’s usually an increase in market turbulence. Yet, here, it appeared that the long position holders benefited from this turn of events.
Significant inflows fuel bullish sentiment
Ultimately, there has been a notable rise in investments towards the meme-based cryptocurrency, which points towards growing interest or demand for this alternative coin.
These incoming funds could potentially boost the cost of BONK even more, given that it’s currently approaching important resistance levels in its price journey.
Read Bonk’s [BONK] Price Prediction 2024–2025
Given the highest whale accumulation since July and the potential for bearish margin calls (bullish liquidations), it appears that the memecoin could continue its bullish trend upward.
A close above the resistance at $0.00002347 would set up additional gains.
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2024-10-19 20:07