BONK’s Sudden 60% Fling: A Wilde Ride?

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Oh, the thrill of the market, my dear friends! BONK, that Solana-based meme coin, has rallied a staggering 60% in a mere seven days. The sentiment, it seems, is doing all the heavy lifting – and with ETF hype building, it’s a wonder it hasn’t gotten a nosebleed from all the excitement 🤯. But, of course, the real question is: can BONK break above that pesky $0.00002840 resistance level?

Now, I know what you’re thinking: “Oscar, this is all just speculative momentum, a fleeting fancy with no substance behind it.” And to that, I say… well, perhaps. But let’s not forget, my friends, that the charts are at work here, too. The Golden Crossover, that mystical alignment of the stars, is nearing. And when it does, oh dear, the fireworks will be simply marvelous 🎇.

A Supply Drain of Epic Proportions

But, I digress. Arkham’s one-year BONK netflow chart shows a rather… distressing trend for the bears. It appears that more BONK is leaving exchanges than entering – a classic accumulation pattern, if I do say so myself. And the sellers, well, they seem to have already had their fun months ago. What we’re seeing now is a supply crunch forming quietly, like a thief in the night 🕵️‍♀️.

And if we zoom in on the past 30 days, the trend is less aggressive, but still rather… bullish. Netflows remain negative, but have stabilized, indicating a neutral-to-bullish positioning rather than panic-driven exits. Ah, the calm before the storm, perhaps? 🌪️

In short, my friends, the selling has already happened. What we’re seeing now is a supply crunch forming quietly, with recent sentiment pushing prices up faster than spot inflows can catch up. Ah, the thrill of the chase! 🎉

The Bulls Take Center Stage

And now, the Elder Ray Index has flipped into bullish territory, with bull power overtaking bear pressure. Ah, the buyers are back in control, it seems. The Elder Ray Index, that trusty measure of strength, is telling us that the bulls have the edge now. And who are we to argue with the charts, eh? 🤔

The Elder Ray Index, for those who don’t know, measures the strength of bulls and bears by comparing price action with a moving average. A positive reading means buyers are dominant. And dominant they are, it seems. 💪

The Golden Crossover: A Trigger for the Ages

And now, the pièce de résistance: the looming Golden Crossover. Ah, the thrill of it all! The 50-day EMA (that orange line) is about to cross above the 200-day EMA. EMAs, or Exponential Moving Averages, track price trends more sensitively than simple averages. And when the shorter EMA crosses the longer one, it’s often seen as a bullish signal. A signal, I might add, that could send BONK soaring 🚀.

If this crossover confirms in the coming days, BONK could push through resistance at $0.00002840 and attempt a run toward $0.00003600 or even higher. Ah, the possibilities are endless, my friends! 🤩

BONK Breaks Out of Its Shell

And finally, BONK price has officially broken out of a year-long falling wedge in the daily timeframe. Ah, the bullish reversal setup is complete! The breakout began when the price crossed above $0.00001550, confirming strength after months of compression between lower highs and stable support. And now, BONK is consolidating around $0.00002203, just beneath a key resistance zone near $0.00002389. Another key resistance level in the short term is $0.00002577. If the price breaks above this band with volume, the next upside targets lie at $0.00002840, followed by $0.00003670. Ah, the thrill of the unknown! 🎊

Notably, the zone between $0.00002840 and $0.00003670 doesn’t feature many strong resistance points. Ah, a clear path to the moon, perhaps? 🌕

For now, the structure favors continuation, but bulls will need a clean breakout above $0.00002577–$0.00002840 to unlock higher targets. And if BONK slides below $0.00001806, the breakout loses momentum. A fallback under $0.00001435 would confirm a failed reversal, putting the wedge pattern in doubt. Ah, the drama, the suspense! 🎭

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2025-07-09 12:52