- BONK’s current structure supports bullish continuation.
- Sustained buying pressure across whales and retail traders could extend the rally.
Bonk Coin [BONK], the Solana [SOL]-based memecoin, is back in the spotlight after surging over 7% in the last 24 hours.
While the price bounced, on-chain data revealed that whales and spot traders might be fueling a broader shift.
Over the past few days, large wallets have quietly accumulated BONK as prices dipped.
According to CryptoQuant, whale-sized Futures Average Order Sizes have appeared on-chain since the 7th of June, signaling renewed interest from bigger players.
Naturally, such accumulation during drawdowns is often considered a high-conviction move. Historically, these phases have preceded major BONK rallies, especially when followed by rising retail participation.
Source: CryptoQuant
The spot market speaks: Buyers bite first
In addition to the whale activity, the 90-day Spot Taker Cumulative Volume Delta among spot takers also shows a steady and significant surge.
The metric, which measures net aggressive buying over selling, suggests buyers are in charge of spot market action.
That means more traders are initiating buys rather than closing positions. This kind of shift typically marks the start of a reversal or uptrend.
Combined with whale accumulation, this points toward a potential multi-day rally—provided sentiment holds.
Source: CryptoQuant
BONK jumps, but is this just the first leg?
BONK’s price witnessed a daily 7% at press time. This notable growth is coupled with today’s on-chain accumulation and favorable spot market signals.
It signals growing positivity in the market as sentiment turns positive following the recent correction phase.
If this momentum persists, BONK could be on the verge of another rally.
However, caution cannot be eliminated as the memecoin markets with concomitant volatility and possible sudden changes in sentiment.
What’s ahead?
Whales and retail consumers both have demonstrated bullish intent, and the present rally in Bonk may still have room to run.
However, it could be premature to ignore the chances of a short-term correction but the on-chain indicators lean bullish and point to a potential long-term positive trend.
