- BONK is showing signs of a bullish takeover, as technical indicators and on-chain sentiment suggest a shift from its previous bearish trajectory.
- Traders on OKX are likely to lead this potential rally, as they dominate key market metrics.
Following a 21% decline over the past month, Bonk [BONK] is attempting to erase those losses, recording a 10% gain in the past 24 hours.
Market analysis indicates that the asset could continue posting gains, with several metrics now leaning in favor of the bulls. AMBCrypto analyzed how the situation may unfold.
Bulls reclaim market control after 14-day slump
Market data shows that bulls have reclaimed dominance after losing control for 14 consecutive days.
The Bull Bear Power (BBP) indicator confirms this shift, identifying which side currently holds market control.
Source: TradingView
A green, upward-facing histogram suggests that buyers now outnumber sellers in the market. The Moving Average Convergence Divergence (MACD) further supports the bullish case.
BONK appears close to forming a Golden Cross—a bullish signal that occurs when the blue MACD line crosses above the orange signal line. If the MACD enters positive territory, the rally may gain even more momentum.
Though these are technical indicators on the daily chart, AMBCrypto found additional signs pointing to a potential BONK surge.
OKX traders drive derivatives surge for BONK
The derivatives market is also flashing bullish signals, particularly in terms of trading volume, which now tilts toward buyers.
Current data shows the Derivative Trading Volume ratio at 1.03—indicating more aggressive buying activity.
AMBCrypto’s analysis reveals that traders on OKX are driving this trend. The platform records a volume ratio of 1.27 in favor of buyers, highlighting increased bullish activity.
Source: CoinGlass
BONK now ranks second in both Open Interest (OI) and Trading Volume (TV) among listed assets, with figures at $5.54 million and $14.55 million, respectively.
When price increases alongside rising OI and TV, it often suggests a strong bullish sentiment.
Additionally, OKX leads the market in BONK Futures Trade Count, implying that a large portion of derivative trading volume stems from the most bullish group of participants.
The spot market supports this view. Buying activity resumed today, since June 6, and has intensified.
Source: CoinGlass
At press time, BONK purchases total $987,000 over the past 24 hours.
If this trend holds, BONK could sustain its recent upward momentum.
What to expect as BONK approaches key levels
Charts show that BONK’s recent gains began after rebounding from a key demand zone. Now, the asset faces several resistance levels marked by purple lines on the chart.
Source: TradingView
Depending on market momentum, BONK could either rally freely through these levels or retrace at each point of resistance.
