BONK, the Solana meme coin, has been silent for a while, but an interesting technical analysis suggests something interesting might be brewing for its price action. Over the past few weeks, the meme coin has displayed an increasingly bullish structure, with its price reclaiming a key support level and beginning to challenge overhead resistance.
According to an analyst on the TradingView platform, BONK has just confirmed a double bottom formation; and here are the next price targets for the meme cryptocurrency.
Double Bottom Reversal And Golden Cross Points To BONK Price Explosion
Technical analysis of the BONK/TetherUS pair shows that the meme cryptocurrency has just confirmed a double bottom formation, which is one of the most reliable reversal patterns in technical analysis. This structure points to the exhaustion of the bearish momentum that has characterized BONK’s price action since the beginning of the year, and the early stages of a bullish trend shift.
BONK’s price action is now pushing directly into the descending trendline resistance, which a major technical ceiling that has rejected its rallies since late December 2024. If this barrier is broken, it would mark a decisive break from the months-long downtrend.
Furthermore, the exponential moving averages are also sending a bullish signal. The convergence of the 12-hour EMA-50 and EMA-200 could soon result in a Golden Cross, which is an event that typically precedes a strong upside continuation.
Upside Targets And Key Resistance Zones To Watch
It seems BONK is currently on the path to breaking above the resistance trendline again, but this time with enough conviction. The last time the meme coin tested this trendline was in late April when its price was rejected at $0.00002179.
This rejection was due to a wave of profit-taking in light of the uptrend from the second bottom at $0.00001036 on April 7. The ensuing retracement after the rejection brought the price right back into the key supportive range between $0.00001550 and $0.00001425, where it has since bounced on in the past 24 hours.
At the time of writing, BONK is trading at $0.00001824, up by 8.3% in the past 24 hours. The next move is a push to resistance levels highlighted by the TradingView analyst before an explosive move.
Should bulls successfully pierce through the overhead resistance zone between $0.00002000 and $0.00002100, the next moderate resistance lies between $0.00002500 and $0.00002750. This range aligns with a projected move from the double bottom pattern and may serve as a staging area for further consolidation. However, if bullish momentum continues, especially on the back of a Golden Cross confirmation, the next level to watch will be between the $0.00003400 to $0.00003700 zone. This level carries strong significance, as it aligns with the 50% Fibonacci retracement from the November 2024 all-time high.
Featured image from BONK, chart from Tradingview.com
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