Key Takeaways
BONK has surged practically 140% off assist, exhibiting robust resilience regardless of whale sell-offs and overbought technicals. Construction suggests a possible brief squeeze setup.
Roughly $30 billion has flowed into the memecoin area this month, pushing the entire market cap previous $80 billion for the primary time for the reason that election.
It’s no shock OGs are breaking previous key resistance ranges. Nonetheless, Bonk [BONK] has clearly led the cost, ripping practically 140% off its $0.000012 assist zone.
That mentioned, the transfer’s been sharp and quick. That run-up performed out over simply two weeks, leaving the RSI overheated and value motion wanting stretched. Therefore, basic indicators of a market that is likely to be due for a breather.
Supply: TradingView (BONK/USDT)
Including to warning, Galaxy Digital transferred 330 billion BONK tokens, value round $11.4 million, to Binance. The truth is, this transfer is a component of a bigger $30 million place they gathered on the 18th of July.
And but, regardless of the sizable sell-off, BONK’s value confirmed strong resilience, rallying 1.18% the next day. That mentioned, does this technical divergence sign a strategically engineered bear entice forming beneath the floor?
Is BONK’s uptrend nonetheless intact?
Technically, BONK’s sitting proper at an inflection level.
After ripping to $0.000040 with a triple-digit run, it’s been chopping sideways for every week, both gearing up for a contemporary leg increased or setting the stage for a liquidity sweep.
That mentioned, sentiment’s nonetheless bullish and whale wallets haven’t flinched. The current pullback appears to be like extra like a leverage reset, with Open Curiosity down 3.75% after tagging a report $74 million.
Supply: CoinGlass
If the construction holds, BONK could possibly be primed for a textbook brief squeeze, liquidating late-positioned shorts and utilizing the present entice as gas.
This may give BONK the momentum to crack the $0.000040 provide wall, a stage it hasn’t severely challenged since January.