BONK climbs 12% in 24 hours – Here’s why the rally could keep going
The post BONK climbs 12% in 24 hours – Here’s why the rally could keep going appeared on BitcoinEthereumNews.com. BONK confirmed a breakout with a 17.28% Open Interest spike and bullish price structure. Positive funding, exchange outflows, and liquidation risk support further upside momentum. Bonk [BONK] has officially broken above its multi-month descending channel, confirming a bullish breakout that could mark the beginning of a significant trend reversal. At press time, BONK traded at $0.00001595 after climbing 12.56% in the past 24 hours. The price approached the $0.00001900 resistance level—a crucial barrier that could either validate the breakout or stall momentum. If this level is flipped into support, BONK could rally as high as $0.00003257, a potential 108% gain. However, rejection at this resistance could open a brief retracement toward the $0.00001350–$0.00001400 range before buyers reenter. Source: TradingView Derivatives exposure jumps 17% as traders pile in The breakout has sparked a strong reaction in the derivatives market, where Open Interest surged by 17.28% to reach $23.68 million. This sharp uptick indicates that traders are increasingly confident in BONK’s upside potential, deploying capital into long positions. Rising Open Interest amid bullish price action typically reflects a conviction-driven move rather than speculative noise. Therefore, the current spike suggests that the rally is attracting committed participants, not just short-term momentum chasers. Source: Coinglass Funding rate analysis – Positive bias returns with rising long demand Derivatives data shows the OI-Weighted Funding Rate has turned positive at 0.0064%, signaling renewed bullish bias in the market. This shift marks a clear contrast to the prior weeks of neutral-to-negative funding, where shorts dominated sentiment. A positive Funding Rate means traders are paying a premium to hold long positions, indicating growing demand for upside exposure. While the rate remains moderate and avoids the danger of overleveraged euphoria, it still highlights a fundamental tilt in trader psychology. Source: Coinglass Exchange outflows point to strong holding behavior On-chain data…
The post BONK climbs 12% in 24 hours – Here’s why the rally could keep going appeared on BitcoinEthereumNews.com.
BONK confirmed a breakout with a 17.28% Open Interest spike and bullish price structure. Positive funding, exchange outflows, and liquidation risk support further upside momentum. Bonk [BONK] has officially broken above its multi-month descending channel, confirming a bullish breakout that could mark the beginning of a significant trend reversal. At press time, BONK traded at $0.00001595 after climbing 12.56% in the past 24 hours. The price approached the $0.00001900 resistance level—a crucial barrier that could either validate the breakout or stall momentum. If this level is flipped into support, BONK could rally as high as $0.00003257, a potential 108% gain. However, rejection at this resistance could open a brief retracement toward the $0.00001350–$0.00001400 range before buyers reenter. Source: TradingView Derivatives exposure jumps 17% as traders pile in The breakout has sparked a strong reaction in the derivatives market, where Open Interest surged by 17.28% to reach $23.68 million. This sharp uptick indicates that traders are increasingly confident in BONK’s upside potential, deploying capital into long positions. Rising Open Interest amid bullish price action typically reflects a conviction-driven move rather than speculative noise. Therefore, the current spike suggests that the rally is attracting committed participants, not just short-term momentum chasers. Source: Coinglass Funding rate analysis – Positive bias returns with rising long demand Derivatives data shows the OI-Weighted Funding Rate has turned positive at 0.0064%, signaling renewed bullish bias in the market. This shift marks a clear contrast to the prior weeks of neutral-to-negative funding, where shorts dominated sentiment. A positive Funding Rate means traders are paying a premium to hold long positions, indicating growing demand for upside exposure. While the rate remains moderate and avoids the danger of overleveraged euphoria, it still highlights a fundamental tilt in trader psychology. Source: Coinglass Exchange outflows point to strong holding behavior On-chain data…
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