BONK, a Solana-based meme coin, has remained stuck in a tight range for the past 24 hours as it reached a critical crossover that will determine whether a rally occurs in the coming days. Reaching this critical intersection comes on the heels of interesting price action in the past seven days, which saw the meme coin break out to the upside and promptly collapse in less than 24 hours.
Now, BONK price is strengthening after reaching the support level. According to cryptocurrency analyst World Of Charts, this consolidation phase is generating the momentum needed for a potential breakout, and the next step will likely push prices higher.
A massive BONK price breakout is coming
Cryptocurrency analyst World Of Charts recently took to social media platform X to reveal this Interesting analysis From recent BONK price action. His post was accompanied by a BONK price chart that revealed a pattern that has been forming since the beginning of 2024. According to the chart, BONK has been moving inside 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 trend line of this symmetrical triangle several times. A recent breakout attempt at the end of September saw the price touch the upper trend line after peaking at $0.00002557 before pulling back sharply.
The recent price action has seen the BONK price retest and consolidate along this upper trend line, with the World Of Charts highlighting an expected breakout to the upside. Based on his forecast, the analyst predicted a breakout to the upside and a potential price rise of 168%. This would pave the way for a strong rally to the target price of $0.000062.
What’s next for Meme Coin?
World Of Chart’s BONK price prediction puts the meme coin above its all-time high of $0.00004547 before the end of the year if a breakout emerges. At the time of his analysis when BONK price was retesting the upper trend line of the symmetrical triangle, BONK was trading at around $0.000023.
At the time of writing, BONK has fallen further and failed to break above the upper trend line over the past 24 hours. Currently, the meme coin is trading at $0.00002094, registering a 0.9% decline over the last day. Despite this short-term decline, the broader trend still leaves room for optimism. BONK is still up about 26% over the past 30 days, Which indicates that an upward breakout is still in place In a larger time frame.
The failure of BONK price to break above the trend line also opens the door to a possibility Possibility of continued reversal To the negative side. Technical indicators are indicating bearish momentum, as the coin is now trading below the 50-day simple moving average (SMA). Furthermore, the RSI also indicates no buying momentum at the time of writing.
Featured image created with Dall.E, chart from Tradingview.com