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Popular Solana-based meme coin Bonk [BONK] appeared poised for a bullish breakout as large wallets continued to accumulate the token. At press time, BONK rose more than 4.5% over the past 24 hours to trade at $0.00000594, while trading volume increased by more than 19% to $60.61 million.
Data from analytics platform Nansen showed that the top 100 BONK wallet addresses and whales have increased their holdings over the past week. Over the last seven trading days, top 100 wallet addresses added 0.63% to their holdings, while whale holdings rose by 6.07%.
This accumulation by major market participants suggested that large investors may be positioning for a potential upward move.
AMBCrypto analysis of BONK’s daily chart indicated the memecoin had formed a bullish falling wedge pattern and was approaching a breakout point. Historically, such formations can lead to a strong upside rally when confirmed by a daily candle closing above the pattern.
Based on the current price action, if BONK continues higher and closes a daily candle above $0.0000061, it could rise by more than 22%, potentially reaching $0.00000745. If the breakout does not materialize, the token could remain range-bound and move sideways.
The Average Directional Index (ADX) stood at 15.43, below the key threshold of 25, indicating a weak directional trend at the time of reporting.
Derivatives analytics from CoinGlass suggested traders were aligning with the market trend through long-leveraged positions. CoinGlass’s BONK exchange liquidation map highlighted two key levels: $0.0000055 on the downside and $0.00000626 on the upside.
If BONK moves upward and crosses $0.00000626, approximately $230.76K worth of short positions built over the past seven days could be liquidated. Conversely, if the price falls below $0.0000055, nearly $284.43K worth of long-leveraged positions could be liquidated.
Overall, the liquidation data indicated that long-side bets were currently outperforming short positions.
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