Fuel

bullish

Solana

when

USDC

The consistent up movement within an ascending channel further strengthens BONK coin’s bullish trend. RSI and Alligator lie poised for more growth. 
Assuming traders are optimistic, we could see minor corrections at resistance levels. BONK has captured attention in the Solana ecosystem with an 11.34% price increase, outperforming several major tokens. 
In the past weeks, BONK has risen in whale interest and market momentum, positioning it as one of the most promising assets. 
The token is currently being traded at $0.00005414 and with investor enthusiasm from both institutional and retail fronts. 
BONK’s price rally is fed by whale transactions. Recently, a whale invested $3.4 million on USDC to purchase 65.4 billion BONK tokens. 
This large-scale acquisition exemplifies high confidence in BONK’s ability to return huge amounts as market activity rises. 
<h2 class="wp-block-heading" id="h-technical-analysis-of-bonk-usdt-4-hour-chart">Technical Analysis of BONK/USDT (4-Hour Chart)</h2> 
The 4-hour chart of <a href="https://www.thecoinrepublic.com/2024/11/09/bonk-approaches-key-resistance-bullish-momentum-builds/">BONK</a> displays a clear uptrend with BONK moving inside a dynamic channel showing consistent bullish momentum. 
The price has retreated marginally from the recent high of $0.00005873. However, crucial support levels are being kept intact, lending evidence to further growth. 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
 <img loading="lazy" decoding="async" width="1024" height="469" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-532-1024x469.png" alt="" class="wp-image-842837" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-532-1024x469.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-532-300x137.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-532-768x352.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-532-1536x704.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-532-150x69.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-532-696x319.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-532-1068x489.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-532.png 1600w" sizes="auto, (max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 Source: Tradingview
 </figcaption>
 </figure>
</div> 
Although the Awesome Oscillator appears to be showing very strong bullish momentum currently, a recent drop in green histogram bars indicates a decline in strength. 
The relative strength index at 60.64 is showing moderate strength but is not overbought, asking for an upside. 
The Alligator indicator supports the idea of a bullish alignment meanwhile, offering widely spread moving averages, indicating price can move higher. 
Though BONK has been on the up, it could have some minor corrections or consolidation at the top end of the rising channel. 
<h2 class="wp-block-heading" id="h-bullish-momentum-for-bonk-price-as-funding-rates-and-oi-surge-together">Bullish Momentum for BONK Price as Funding Rates and OI Surge Together</h2> 
Since early November, the funded rates for <a href="https://www.thecoinrepublic.com/2024/11/13/bonk-price-rally-analysts-eye-key-support-at-0-000028/">BONK</a> futures have remained predominantly positive, showing that leveraged traders have been bullish on the token. 
This suggests that long positions are paying funding fees to short positions and are therefore confident regarding the direction of further prices. 
Even during a small dip to negative funding rates in late October and early November, the market smiled and bounced right back quickly, presenting a healthy correction pattern. 
More so, these recoveries essentially give credence to a bullish sentiment market reading for BONK’s trajectory. 
Current positive funding rates support gradual increases in price. So much risk is introduced when the price regularly overshoots expectations and liquidation would result. 
The sustained optimism and its stable trend in the overall funding rate indicate momentum of optimism that would likely attract more traders in the near term. 
Open interest rose in favor of BONK’s bullish outlook. At the same time, OI increased from under $10 million to approximately $60 million. 
This was following BONK’s steep price increase in the same period. The increasing OI here suggests higher market participation and that traders are betting on BONK’s rise jumping off. 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
 <img loading="lazy" decoding="async" width="1024" height="292" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-533-1024x292.png" alt="" class="wp-image-842842" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-533-1024x292.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-533-300x86.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-533-768x219.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-533-1536x439.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-533-150x43.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-533-696x199.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-533-1068x305.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-533.png 1600w" sizes="auto, (max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 Source: Coinglass
 </figcaption>
 </figure>
</div> 
Excessive leveraging would, however, give rise to even greater volatility of price when expectations are not met. 
But momentum-fueled spikes in funding rates and open interest can spell a big one if we chop off momentum. 
<h2 class="wp-block-heading" id="h-whale-activity-boosts-market-confidence">Whale Activity Boosts Market Confidence</h2> 
Whale activity has been essential in moving BONK coin’s price and providing liquidity and market excitement. 
Interest in BONK rose in the recent past. A well-known whale, successful with POPCAT previously, pumped into BONK with the added investment of $3.4 million. 
Such large-scale transactions often attract smaller investors, further boosting demand and liquidity. 
Decentralized finance (DeFi) ecosystems have proven themselves transparent. The visibility of these trades on platforms like Solscan suggests as much. 
This transparency enables the community to follow and calculate high-value transactions, thus building trust in the market. 
Whale investment in BONK is a strong show of confidence in BONK’s potential as a high-return asset in the midst of meme coin and speculative token popularity so far. 
The post <a href="https://www.thecoinrepublic.com/2024/11/21/whales-fuel-bonk-price-surge-with-big-buys/">Whales Fuel BONK Price Surge With Big Buys</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

Whales Fuel BONK Price Surge With Big Buys

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