BONK Price Prediction: Meme Coin Gains Momentum Ahead of Breakout Rally

The top meme coins are gaining momentum as the broader cryptocurrency market recovers. BONK, a Solana-based meme coin, is gradually gaining momentum

In the realm of meme coins, trends can shift rapidly, and keeping tabs on them is crucial for savvy traders. As the broader cryptocurrency market continues to recover, the top meme coins are gradually gaining momentum.

Among the meme coins that are slowly gaining traction and setting the stage for a breakout rally is BONK, a Solana-based coin.

Currently, BONK is trading at a market price of $0.00001258, showing an intraday recovery of 2.19%. As the coin attempts to breakout of the $0.000015 supply zone, will this short-term recovery pave the way for a potential breakout? Let’s find out.

Has BONK Begun Its Breakout From The $0.000015 Supply Zone?

A glance at the daily chart reveals a double bottom reversal, showcasing recovery momentum. The baseline for this double bottom is closely tied to the $0.000010 psychological level. From there, the neckline of this bullish pattern is formed at the $0.000015 mark.

As the chart shows, the Bonk price is consolidating at the $0.000012 zone. This zone represents the highest trading volume since December 2024.

However, despite the consolidation, the prevailing recovery run is still evident in the MACD and signal lines, both of which are operating in the positive territory. Additionally, the daily RSI line is showing a slight increase as it rises above the halfway line.

Overall, the technical indicators suggest that there is still potential for a breakout run.

Long Positions Soar As Traders Anticipate Breakout

Over the past four hours, there has been a significant surge in the number of long positions for BONK. According to the data from Coinglass, the long positions have risen to nearly 59%.

This pushes the long-to-short ratio to 1.4378, indicating a major shift in the sentiments towards the memecoin. With such a massive increase in long positions, traders are clearly anticipating a bullish recovery in the BONK price.

What Are The Next Price Targets For BONK?

Based on the Fibonacci levels, this breakout of the $0.000015 supply zone will likely test the 23.60% retracement at $0.000020. From the lows of 2024, this breakout will create an upside potential of nearly 90%.

Afterward, the breakout run could reach the second-highest trading volume zone at the 50% Fibonacci level, which is closely observed by technical traders. This level is located at $0.00003180.

On the other hand, the crucial support level for Bonk is at the $0.000010 psychological mark, which is the baseline of the double bottom pattern.