- BONK has broken out of a cup pattern and is now trading near $0.00004 after clearing key resistance at $0.00003.
- The breakout points to a potential move toward $0.00005–$0.00006 if momentum continues.
- Derivatives data shows rising open interest and volume, supporting the ongoing rally.
- Holding above $0.00003 keeps the bullish setup intact, with $0.00004 acting as a key level to watch.
BONK, one of the most popular Solana-based meme coins, has officially broken out of a bullish cup pattern, signaling the potential for a significant price rally.
The coin is currently trading around the $0.00004 mark after managing to break through an essential neckline resistance of $0.00003. This movement validates a cup base breakout on the 4-hourly chart, being a classic bullish continuation formation that tends to lead to rising momentum.
BONK Cup Breakout Confirms Bullish Momentum
BONK’s chart has a smooth, nicely shaped bottom that built out over the last several months, bending into a crisp breakout. Technical setup is good for an measured move target in the $0.00005–$0.00006 area, which would indicate significant upside if present momentum is sustained.
Previously operating as a congestion area, the $0.00004 region is functioning as instant resistance. Still, an effective breakout or retest consolidation here could create room for continued increases. To the down side, the present key support of $0.00003 is of keen interest as traders look for a bounce and re-entry.
Also Read: BONK Targets $0.00004 as Bull Market Signals Improve
Derivatives Data Supports Price Action
Derivatives market recent statistics support the bullish narrative. Open interest of BONK has increased by 1.34% to $64.60 million, as the volume has jumped 73.35% to $1.39 billion within the last 24-hours. This spike in volume as well as OI reflects growing market engagement, where the rally is driven by spot buying as well as leveraged positions.
The infusion of capital and growing speculative interest suggest that the breakout does have legs, lessening chances of an imminent pullback. Such is typically followed by further advances, particularly when supported by good technical confirmation.
What’s Next for BONK?
As there is buying support that remains above $0.00003, the bullish attitude should continue to dictate the short-term trend. Subsequent close of the daily or 4-hour candle above $0.00004 would spur the next step increase, pushing for the resistances of $0.00005 and $0.00006.
Markets would look for stabilization around $0.000035 to $0.00004 as a good signal for continued movement of the trend. Failing to hold up above $0.00003, however, would invalidate that breakout, potentially negating recent gains.
Also Read: BONK Price Skyrockets, Bulls Target $0.00003150 in Next Move
