- Exchange net flows remain negative, pointing to continued accumulation.
- Golden Crossover signal is forming between the 50 and 200-day EMAs.
- Elder Ray’s Index flips positive, suggesting buyer control.
BONK, the meme coin built on the Solana blockchain, has jumped nearly 60% over the past seven days, driven largely by market sentiment and speculation surrounding potential ETF-related demand.
With BONK breaking out of a long-term technical pattern and momentum indicators flipping bullish, traders are now watching closely to see whether the rally can push past a key resistance level at $0.00002840.
A potential Golden Crossover between two important moving averages is also forming on the daily chart, raising hopes of a sustained breakout if the signal is confirmed.
However, BONK is now trading at $0.00002128, down 5.95% in the last 24 hours.
BONK exits year-long wedge, approaches key resistance
BONK has officially broken out of a falling wedge pattern that has been forming over the last year on the daily timeframe.
The breakout was confirmed when the price surged past $0.00001550, a key level that had previously held the coin in a downward compression between lower highs and flat support.
Currently, BONK is consolidating near $0.00002203. Immediate resistance sits at $0.00002389, with another critical zone between $0.00002577 and $0.00002840.
The absence of strong resistance between $0.00002840 and $0.00003670 makes this zone a potential price vacuum should buyers break above current ceilings.
However, traders remain cautious. A reversal below $0.00001806 could indicate a loss of breakout momentum, while a drop under $0.00001435 would nullify the wedge breakout entirely and bring the previous bearish structure back into focus.
BONK ETF speculation fuels investor interest
Speculation around BONK’s potential inclusion in future crypto ETF portfolios has contributed significantly to the recent price surge.
While no official confirmation has emerged, BONK has re-entered the conversation as institutional interest grows around meme coins and altcoins with high liquidity and community traction.
Social media discussions have been instrumental in amplifying the narrative, with investors pointing to BONK’s strong fundamentals on-chain.
The meme coin’s trading volume has increased in tandem with positive netflows, reflecting growing demand across centralised and decentralised exchanges.
Exchange outflows support bullish supply trend
Data from Arkham shows a prolonged period of negative netflows for BONK over the last year.
This suggests that more tokens are being withdrawn from exchanges than deposited, a typical sign of accumulation.
While the trend has moderated in the last 30 days, it remains negative, indicating neutral-to-bullish positioning.
The reduced exchange supply could play a major role in sustaining upward pressure, particularly if new demand continues to arrive on the back of speculative interest or positive technical developments.
The supply squeeze narrative has gained traction on platforms like X, where some users argue BONK may be gearing up for a sharp move once resistance levels are cleared.
Technical indicators turn bullish for BONK
One of the more significant developments on the BONK chart is the near-confirmation of a Golden Crossover.
This occurs when the 50-day Exponential Moving Average (EMA) crosses above the 200-day EMA, typically considered a bullish signal in technical analysis.
The Elder Ray Index, which measures bull and bear power by comparing price against a moving average, has also flipped into positive territory.
This suggests buyer strength is currently dominant over selling pressure, supporting the idea that bulls have regained control.
At the time of writing, BONK’s structure supports continuation if it can break above $0.00002577 and hold the gains.
Any rally past $0.00002840 would likely open the path to $0.00003670, as the price moves into a zone with few historical resistance points.
However, failure to maintain support above $0.00001806 could signal weakening momentum.
If BONK slides below $0.00001435, it may re-enter the bearish wedge structure it recently broke out from.
The post BONK price up 60% in 7 days: can the meme coin go higher? appeared first on CoinJournal.
