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BONK, a Solana-based meme coin, has been stuck in a tight range in the past 24 hours as it reaches a critical junction that will determine whether a rally occurs in the coming days. Reaching this critical junction comes on the heels of interesting price action in the past seven days, which saw the meme coin break above and immediately crash in less than 24 hours.
Now, the BONK price is consolidating after reaching a support. According to crypto analyst World Of Charts, this consolidation phase is generating the momentum needed for a potential breakout, with the next move likely to push prices higher.
Massive BONK Price Breakout Incoming
Crypto analyst World Of Charts recently took to social media platform X to reveal an interesting analysis of the recent BONK price action. Accompanying his post was a BONK price chart that revealed a pattern forming since the beginning of 2024. According to the chart, BONK has been moving within a symmetrical triangle characterized by the formation of lower highs and higher lows.
Furthermore, the BONK price chart shows that the meme coin has tested the upper trendline of this symmetrical triangle multiple times. The most recent breakout attempt at the end of September saw the price touch the upper trendline after it peaked at $0.00002557 before pulling back sharply.
Recent price action has seen the BONK price retesting and consolidating along this upper trendline, with World Of Charts highlighting an expected breakout to the upside. Based on his prediction, the analyst projected a breakout to the upside and a potential price surge of 168%. This would set the stage for a powerful rally to a price target of $0.000062.
What’s Next For The Meme Coin?
World Of Chart’s BONK price projection puts the meme coin breaking above its current all-time high of $0.00004547 before the end of the year if a breakout manifests. At the time of his analysis when the BONK price was retesting the symmetrical triangle’s upper trendline, BONK was trading around $0.000023.
At the time of writing, BONK has declined further and has failed to break above the upper trendline in the past 24 hours. Currently, the meme coin is trading at $0.00002094, marking a 0.9% drop within the last day. Despite this short-term decline, the broader trend still leaves room for optimism. BONK remains up by approximately 26% over the last 30 days, indicating that bullish break to the upside is still in play in a larger timeframe.
The failure of BONK’s price to break above the trendline also opens up the possibility of a continued reversal to the downside. Technical indicators project a bearish momentum, as the meme coin is now trading below the 50-day Simple Moving Average (SMA). Furthermore, the RSI also indicates a lack of buying momentum at the time of writing.
Featured image created with Dall.E, chart from Tradingview.com
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