BONK Surges 15 in 24 Hours Should Traders Prepare for Another Rebound Now

CoinW reported:
Historical data, combined with recent trends, support the idea of BONK price rebound. The rising buying pressure on the chart indicates that the price may return to $0.000025.
After experiencing a majority of the week in the red, the price of Bonk [Bonk] rose by 15% at the weekend. At the time of writing, the estimated value of BONK on the chart is $0.000022, a significant increase compared to the drop to $0.000018 on July 5.
But that’s not all. According to AMBCrypto’s analysis, the price of meme coins may continue to rise in a similar way. One reason for this prediction is the token’s social dominance.
A challenging week, a better weekend
According to Santiment’s data, BONK’s social dominance has risen to 0.303%. Social dominance measures the share of an asset’s discussion in all cryptocurrency conversations on social media platforms.
When it rises, it means that online discussions have improved. BONK is like this. However, the fall also illustrates another thing.
Historically, there is a certain correlation between social dominance and asset prices. For example, on-chain data shows that whenever online discussions about BONK go from low to high, the price will rise accordingly.
As shown in the figure below, this has happened several times, including April 20, May 20, and June 24. If the previous pattern rhymes, then the token’s value may reach $0.000024 in the short term.
Although there is a correlation between these indicators, it is worth mentioning that if the discussion is too intense, it will mean that the local price is at its highest.
This point can be seen from the chart, where a high social dominance indicates a price decline. Therefore, if the price of BONK continues to rise, and social dominance becomes overheated, it may face another downward trend.
Bonus up to $0.000024?
We also observed that the single-day volatility of meme coins has significantly increased. The increase in volatility can be explained as proof that the price rise is rapidly occupying the market.
If BONK’s buying pressure rises and is accompanied by high volatility, then a surge to $0.000024 may be validated. On the other hand, if the volatility continues to decrease, the token may trade sideways on the chart.
Therefore, it is necessary to assess potential price targets from a technical perspective.
For example, according to the 4-hour chart, the Awesome Oscillator (AO) is negative. Here, AO is a sign of momentum. When it is positive, it means the momentum is bullish. However, a negative value implies a bearish momentum. For BONK, despite AO being negative, it will flash a green histogram bar.
This indicates that the bulls are trying to validate the upward trend.
Finally, the rising On-Balance Volume (OBV) also indicates that buying pressure has increased. If it continues, the price of the altcoin may climb above $0.000024 on the chart.
Read Bong Price Forecast 2024-2025
If this is the case, the meme coin based on Solana may reach $0.000026. However, if the bears reject this move, the price may drop again to $0.000019.