BONK, a Solana-based meme coin, is experiencing a notable surge in market activity, driven by significant whale accumulation and bullish technical indicators. The token’s price has shown a strong upward trajectory, with analysts pointing to a potential double-bottom reversal pattern that could signal further gains.
A prominent whale has recently invested $4.29 million to acquire 204 billion BONK tokens, increasing their holdings to a total value of $5.9 million. This substantial investment has drawn attention to BONK’s market potential, especially as the whale also holds significant positions in other trending tokens.
Technical analysis suggests that BONK’s price could reach $0.00008189, representing an upside potential of over 100% from its current levels. The double-bottom pattern, a bullish reversal indicator, supports this optimistic outlook. However, analysts caution that a failure to maintain the current trend could see the price retesting support levels around $0.000026.
The broader meme coin market has also seen increased activity, with BONK’s market capitalization reaching $116.49 billion amid a bullish surge. This growth is partly attributed to the token’s inclusion on major exchanges such as Binance, Coinbase, and Crypto.com, which has enhanced its visibility and accessibility to investors.
Despite the positive momentum, some top holders have begun liquidating assets following BONK’s listings on major platforms. This profit-taking behavior is not uncommon in the volatile meme coin market and underscores the importance of cautious investment strategies.
Arabian Post – Crypto News Network
