BONK is showing potential recovery as a falling wedge signals weakening bearish momentum and steady buyer interest. However, continued selling from a treasury-linked wallet is keeping market sentiment cautious. Traders are watching for a confirmed breakout to determine the token’s next directional move.
At the time of writing, BONK is trading at $0.000002803 with a 24-hour trading volume of $135.75 million and a market capitalization of $246.81 million. Despite the 5.95% loss over the last 24 hours, the BONK price structure points to a bullish reversal while whale selling reveals a cautious outlook.
Source: CoinMarketCap
Also Read: BONK Price Prediction: Bullish Breakout Setup Targets $0.00000740 Rally
BONK Price Eyes Breakout as Bullish Wedge Forms
According to the crypto analyst Crypto With Gopal, BONK is showing signs of a potential bullish reversal as its price continues to compress inside a falling wedge pattern, a formation widely viewed as a signal of weakening bearish momentum.
Repeated support holds indicate buyers remain active, while declining selling pressure suggests the market may be preparing for a shift in overall trend direction.
Source: Crypto With Gopal’s X Post
The traders are looking out for a breakout from above the upper resistance of the wedge, with heavy volume accompanying the breakout as evidence of new buying interest.
The breakout might be followed by a bullish reversal toward $0.00000350. Before that, BONK will remain in an accumulation stage.
BONK Faces Pressure as Treasury Wallet Sells Again
The data from Lookonchain further highlighted that the wallet, which has lawfully obtained 4.426 trillion BONK from the treasury of the project, has been selling more tokens, 800 billion this time, putting further pressure on the token through its sales.
The latest sale has raised more fears from the traders who believe that the constant liquidations would not allow any attempt for recovery by BONK.
Source: Lookonchain’s X Post
However, the massive treasury sell-off has already put a heavy burden on the performance of BONK, with the token trading 40% below its level at the beginning of July.
Even after numerous sales, there is still a significant amount left in the wallet, with the attention of traders now focused on any activity occurring on-chain.
Following the strong whale selling, the BONK price is moving in a downward direction. However, the general trend in the crypto market is neutral, and a breakout by the BTC price could also impact the BONK price recovery toward new highs.
What Could be Next for BONK?
The next step for BONK will be determined by the ability of buyers to drive the price past the resistance of the falling wedge with decent volumes.
If there is a successful breakout, then this will increase the bullish sentiment and bring new players into the market. However, continuous treasury wallet selling might keep BONK from moving upwards.
Also Read: BONK Price Prediction: Key Demand Zone Could Decide Whether BONK Rebounds or Extends Losses
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
