Altcoins News
By MikeT
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BONK, the Solana-based meme coin, has taken the crypto market by surprise with a sudden 12% price jump in just 24 hours.
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This recent breakout marks the end of a prolonged bearish pattern, with BONK finally breaking above its descending channel.
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Adding to the bullish outlook, the funding rate — a metric used in futures trading to balance market sentiment — has turned positive for the first time in weeks.
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Another important factor boosting BONK’s case is on-chain activity. In the last day, BONK has seen over $1.39 million flow out of centralized exchanges.
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Perhaps the most explosive catalyst lies in the growing pressure on short sellers. BONK’s current price zone is heavily packed with short positions, particularly between $0.
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In summary, BONK’s 12% rally is being fueled by a combination of technical breakout, rising investor confidence, and favorable market mechanics.
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