BONK, the Solana-based meme coin, has recently seen a significant price increase, breaking out from a six-month descending wedge pattern. This breakout suggests a potential 92% rally, positioning BONK for substantial growth if the momentum holds. 

As investors turn their attention to this trend, BONK appears on track to capitalize on its newfound strength.

BONK’s funding rate is currently positive and continuing to rise, a bullish signal indicating that traders are placing long contracts on the token. A positive funding rate suggests that most traders expect BONK’s price to continue rising, adding to the positive sentiment surrounding the asset. This collective optimism can contribute to sustained upward momentum, as it reflects strong confidence in BONK’s potential for growth.

The fact that a majority of traders are going long on BONK reinforces this positive sentiment. This level of support is crucial, as it indicates that traders see the potential for short-term gains and are also willing to hold positions in anticipation of further price increases.

BONK currently stands out as the only Solana meme coin among the top 100 cryptocurrencies to post gains in the past 24 hours. This achievement highlights the unique demand for BONK, as it outpaces similar tokens in both growth and popularity. BONK’s status among leading tokens validates the notion that it is experiencing significantly high demand and growth.

This macro momentum reflects the broader interest in Solana-based assets, as BONK’s success adds to the blockchain’s growing influence. It could further strengthen the positive outlook for BONK’s price potential.

Over the past 24 hours, BONK has experienced a nearly 20% price rise, bringing it to $0.00003056. However, it currently faces resistance at $0.00003151. This breakout from the descending wedge has already brought the meme coin halfway to its 92% target price of $0.00004800, fueling hopes for further gains.

If BONK successfully flips the $0.00003151 resistance into support, the uptrend is likely to continue, potentially pushing the price higher to the next target at $0.00003769. Achieving this would reinforce the bullish outlook, supporting BONK’s journey toward the 92% rally target.

Conversely, if BONK fails to breach the $0.00003151 level, it may face a pullback to $0.00002748. Losing this support would weaken the bullish thesis, signaling potential caution and potentially leading to further declines as the market reassesses BONK’s upward potential.

The post Bonk Up 14%, Emerges As Sole Solana Meme Coin in Top 100 Cryptos To Rise Today appeared first on BeInCrypto.

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