The Solana-based meme coin, BONK, is experiencing a bullish outlook and has outperformed major meme coins like Dogecoin and Shiba Inu. BONK has recorded a price gain of over 5% in the past 24 hours and has attracted interest from traders and investors, resulting in a 30% rise in trading volume. The coin has broken out from a prolonged trendline and is consolidating within a tight range. Technical analysis suggests that if BONK breaks out of its consolidation and closes above a certain level, it could see a 45% increase in price. Long-term holders have been accumulating the token, and there has been an outflow of $10.5 million worth of BONK during its consolidation phase, indicating a potential buying opportunity. Traders have also shown increased interest in the meme coin, with open interest surging by 30.5% in the past 24 hours.



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