- OKX traders were going long on BONK as they opened buy contracts, a sentiment common across the market.
- A major rally could occur on BONK if the bullish sentiment persists; however, bearish indications remain.
In the past 24 hours, the bullish sentiment on Bonk [BONK] has become more evident, with a 7.37% rally bringing its value to $0.00001851.
This rally comes after a series of market downturns, with a 28.79% loss in the past week and 46.55% in the last month.
Analysis, however, shows that the current bullish wave could potentially wipe out all losses recorded in the market over the past month, allowing BONK to regain its stance.
OKX and market traders turn bearish
There has been a surge in buying interest among derivative traders, with OKX traders leading the buying activity.
The Long/Short Ratio, a metric assessing long contracts (buyers) versus short contracts (sellers), has crossed above 1. When this ratio is above 1, it suggests there are more buyers than sellers in the market.
Coinglass’ Long/Short Ratio on accounts shows OKX traders are more bullish, with a reading of 1.91. The overall bullish market ratio is at 1.0396.
The Open Interest Weighted Funding Rate, combining Funding Rate and Open Interest, has turned positive at 0.0051% after a prolonged bearish period.
This indicates that long contracts now hold greater value alongside a higher number of long traders.
Source: Coinglass
AMBCrypto’s analysis shows that a major market rally is on the horizon for BONK.
A bullish formation surfaces
Analysis of BONK on the chart shows a bullish formation. At the time of writing, the asset was trading within a descending price channel, with the price oscillating back and forth within defined channels, trending downward.
The channel now coincides with two major support levels at $0.00001862 and $0.00001582. If the current support level at $0.00001862 holds, BONK would have recorded approximately a 192% gain, reaching $0.00005444.
Source: TradingView
Should the sentiment change and BONK see a drop, it will return to the lower support level at 0.00001582, which should catalyze a rebound. If not, its price could drop further.
Will the drop continue?
The Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) have both shown a bearish signal but with a potential rally close.
MACD, which uses long-term and short-term moving averages to determine market movement, shows that the market is still in a bearish mode, as both the blue MACD line and the signal line trend downward in the negative region.
This suggests that BONK could fall lower, potentially to the lower support level at 0.00001582.
Source: TradingView
Read Bonk’s [BONK] Price Prediction 2025-26
On the other hand, the RSI had crossed into the oversold region below 30 with its current reading of 29.55, suggesting that seller exhaustion has begun, and a bounce-back is likely to occur soon.
