- The current structure of Bonk supports Bullish continuation.
- Persistent purchasing pressure in whales and retail traders can expand the rally.
Bonk [BONK]The Solana [SOL]-Based memecoin, is back in the spotlight after an increase of more than 7% in the last 24 hours.
While the prize bounced, data on chains revealed that whales and spot traders may feed a wider shift.
In the past few days, large portfolios have quietly collected Bonk as prices fell.
According to Cryptoquant, the average order sizes of the futures of the futures of whales appeared in the chain since 7 June, indicating the renewed interest of larger players.
Of course, such an accumulation is often considered a conviction movement during branching. Historically, these phases preceded Grote Bonk meetings, especially when they are followed by the increasing participation of the retail trade.
Source: Cryptuquant
The spot market speaks: buyers bite first
In addition to whale activity, the 90-day spot taker cumulative volume delta also shows a steady and significant increase under spot-takers.
The metric, which measures net aggressive purchases on sales, suggests that buyers are responsible for the campaign of the spot market.
This means that more traders buy instead of closing positions. This type of shift usually marks the start of a reversal or upward trend.
Combined with whale accumulation, this indicates a potential multi-day rally supplied sentiment.
Source: Cryptuquant
Bonk jumps, but is this just the first stage?
Bonk’s price witness A daily 7% at the time of the press. This remarkable growth is in combination with contemporary accumulation on the chain and favorable spot market signals.
It signals the growing positivity in the market when sentiment becomes positive after the recent correction phase.
If the momentum persists, Bonk can be about to be with another rally.
However, caution cannot be eliminated as the memecoin markets with simultaneous volatility and possible sudden changes in sentiment.
What awaits?
Whale and retail consumers have both demonstrated bullish intention, and the current rally in Bonk can still have room to walk.
However, it can be premature to ignore the chances of a short -term correction, but the indicators on the chain lean bullish and point to a potential positive trend in the long term.