Key Takeaways
Over $33 million worth of BONK has been scooped from the market by spot and smart investors, adding pressure to sustain the ongoing rally.
Bonk [BONK] has maintained its bullish momentum, climbing 38% over the past week and appearing poised to continue on the same path.
Analysis shows heightened accumulation during this period. However, broader market distribution continues to weigh on BONK’s price—even as it approaches a potential breakout.
Investors continue to accumulate
In the past week, BONK investors have intensified their accumulation, amounting to $33.22 million during this phase.
Spot market participants led the charge, purchasing $31.44 million worth of BONK, according to CoinGlass’ Spot Exchange Netflow data.
Source: CoinGlass
These tokens were moved into private wallets, suggesting a long-term investment outlook, a move that has historically preceded market rallies.
Smart Money investors contributed another $1.78 million. Though relatively small, this was the largest smart money inflow for any memecoin in the Solana ecosystem over the past week, according to Nansen.
Source: Nansen
Historically, BONK’s smart money holders have been known for profitable bets, which indicates that this capital influx may reflect expectations of an incoming rally.
Derivatives signal bullish sentiment
Derivative traders are also entering the race. At the time of writing, the Open Interest Weighted Funding Rate held above the positive threshold.
This positive reading signals that most active derivative contracts are long positions. With a Funding Rate of 0.0114%, it means long traders are paying a premium to maintain their positions.
Source: CoinGlass
AMBCrypto analysis shows BONK has broken out of a bullish chart pattern, with an upside target of $0.00003900.
However, two major resistance levels remain: $0.00003461, which has already rejected price once, and $0.00003680 just ahead.
Source: TradingView
Given the current pace of accumulation, BONK appears well-positioned to challenge these levels and possibly extend its rally.
Still, the biggest obstacle to a sustained bullish breakout remains market-wide distribution.
Distribution phase continues
The Accumulation/Distribution (A/D) ratio offers a contrasting picture of BONK’s prospects. Despite aggressive buying from both spot and smart money, the overall market remains in a distribution phase.
In the past 24 hours alone, total distribution volume hit 31.88 trillion BONK, indicating that more tokens are being sold than bought.
Source: TradingView
At press time, the A/D metric had ticked slightly upward, suggesting that distribution may be slowing. If this trend continues, BONK could regain its longer-term bullish trajectory.
However, if distribution resumes its downward trend, it could dampen BONK’s upside, even if it breaks out of the current bullish chart formation.
