During a similar period of whale accumulation in July, the price had spiked by 34% on the charts. At the time of writing, a liquidation pool of 12.89k tokens was at risk of liquidation at the $0.00002498 price level.
Whale Accumulation Fuels Bullish Sentiment for BONK
BONK, a memecoin that has been on the rise since mid-September, appears to be approaching a key resistance level. This crucial resistance level could be key to its next major move.
According to Santiment, the supply held by whales (holding more than 5 million tokens) spiked to 56.38% at press time, a new high since 8 July. Renewed interest from BONK’s large holders could be the first sign of the memecoin noting more upside.
AMBCrypto’s analysis of the liquidation heatmap also supported the memecoin’s bullish sentiment. The price of BONK has been gaining momentum, testing its all-time weekly high of $0.00002347. With whale accumulation at its highest since July and the threat of bullish liquidations looming, the memecoin might just be well-placed for a bullish rally continuation.
A close above the resistance at $0.00002347 would set up additional gains.
The memecoin recently recorded large inflows, signaling an boost in demand for the altcoin.
These inflows may add further upward pressure on the price of BONK, especially as the memecoin tests its critical resistance zones. This further reinforced the potential for a breakout.
