- BONK confirmed a breakout with a 17.28% Open Interest spike and bullish price structure.
- Positive funding, exchange outflows, and liquidation risk support further upside momentum.
Bonk [BONK] has officially broken above its multi-month descending channel, confirming a bullish breakout that could mark the beginning of a significant trend reversal.
At press time, BONK traded at $0.00001595 after climbing 12.56% in the past 24 hours. The price approached the $0.00001900 resistance level—a crucial barrier that could either validate the breakout or stall momentum.
If this level is flipped into support, BONK could rally as high as $0.00003257, a potential 108% gain.
However, rejection at this resistance could open a brief retracement toward the $0.00001350–$0.00001400 range before buyers reenter.
Source: TradingView
Derivatives exposure jumps 17% as traders pile in
The breakout has sparked a strong reaction in the derivatives market, where Open Interest surged by 17.28% to reach $23.68 million.
This sharp uptick indicates that traders are increasingly confident in BONK’s upside potential, deploying capital into long positions.
Rising Open Interest amid bullish price action typically reflects a conviction-driven move rather than speculative noise.
Therefore, the current spike suggests that the rally is attracting committed participants, not just short-term momentum chasers.
Source: Coinglass
Funding rate analysis – Positive bias returns with rising long demand
Derivatives data shows the OI-Weighted Funding Rate has turned positive at 0.0064%, signaling renewed bullish bias in the market.
This shift marks a clear contrast to the prior weeks of neutral-to-negative funding, where shorts dominated sentiment.
A positive Funding Rate means traders are paying a premium to hold long positions, indicating growing demand for upside exposure.
While the rate remains moderate and avoids the danger of overleveraged euphoria, it still highlights a fundamental tilt in trader psychology.
Source: Coinglass
Exchange outflows point to strong holding behavior
On-chain data reflects a net outflow of $1.39 million from centralized exchanges, suggesting that BONK holders are increasingly opting for long-term storage over immediate trading.
This movement reduces the available circulating supply on exchanges, easing sell-side pressure and enhancing the likelihood of a continued price rise.
Historically, exchange outflows of this magnitude often accompany breakout rallies, as holders anticipate future gains.
Moreover, this behavior aligns with the broader sentiment seen across derivatives—where traders are positioning for further upside.
Source: Coinglass
Clustered shorts risk fueling a squeeze
BONK’s current price action is pressing into a critical liquidity zone, where short positions are heavily concentrated between $0.01520 and $0.01650.
As price pushes upward, these shorts face liquidation risk, and the resulting buy pressure could cascade into a full-fledged squeeze.
The liquidation map shows that traders using high leverage—especially at 10x and 25x—are particularly vulnerable in this zone.
If momentum persists and liquidations trigger en masse, BONK could break past $0.00001900 swiftly, unlocking acceleration toward the $0.00003257 target.
This setup creates a feedback loop where rising price fuels further buying through forced exits.
Source: Coinglass
Conclusion
BONK’s breakout structure is supported by rising Open Interest, positive Funding Rates, dominant exchange outflows, and liquidation pressure building around short positions.
These converging metrics point to increasing bullish momentum. If the $0.00001900 level is flipped into support, BONK is well-positioned to extend toward the $0.00003257 target in the coming days.
