BONK: Exchange Outflows Signal Potential 37% Price Surge
BONK is gaining attention again, with on-chain metrics, technical analysis, and exchange data aligning to suggest a significant price increase. Despite an 8% intraday gain, a further 37% upside from current levels is being eyed by analysts.
Exchange Supply Drops Indicate Stronger Holders
Data from Nansen indicates a 2.88% decrease in BONK's exchange supply over the past 30 days. Currently, 20.44 trillion BONK are held on exchanges, implying that approximately 589 billion tokens have been withdrawn. Valued at $0.00002835, this equates to roughly $16.69 million leaving exchanges, signaling reduced selling pressure.
Further supporting this trend, the top 100 addresses now hold 56.53 trillion BONK, marking a 6.12% increase over the month. Smart money wallets have surged by 48.6%, while exchange balances and whale wallets have decreased, indicating a shift of supply to stronger, long-term holders.
A drop in exchange supply often suggests lower short-term selling risk as more tokens are held off exchanges.
Golden Crossover Could Boost the Rally
BONK is approaching a Golden Crossover, a bullish technical pattern where the 50-day EMA (exponential moving average) crosses above the 200-day EMA. This is a widely-followed momentum signal that often indicates the beginning of a long-term uptrend.
Recent price action has seen BONK trading above both the 50-day and 200-day EMAs, reinforcing the strong market structure. Confirmation of the golden crossover could strengthen the bullish outlook.
Bullish Price Targets for BONK
BONK has surpassed multiple Fibonacci extension levels, with the 1.0 level at $0.00002826 now serving as key support. The current price is around $0.00002835, and the next resistance zone, identified by the 1.618 Fibonacci extension, lies at $0.00003868, representing a potential 37% increase from current levels.
Potential support levels to watch for pullbacks include $0.00002826 and $0.00002466, where price bounces are likely.
However, a drop below $0.00002182 (the 0.618 Fib level and strongest support) combined with rising exchange balances could negate the bullish scenario.