Bonk (BONK), the memecoin on the Solana platform, has returned to the spotlight after rising more than 7% yesterday. While the price surged, on-chain data reveals that whales and spot traders may be driving a larger shift.
In recent days, large wallets have been quietly accumulating BONK as the price declines. According to CryptoQuant, since June 7th, whale-sized futures trading orders have begun to appear on-chain, indicating a renewed interest from large investors.
Typically, accumulation during market corrections is seen as a strong sign of confidence. In the past, such periods have often been precursors to strong price increases of BONK, especially when accompanied by increasing participation from retail investors.
Source: CryptoQuant## Spot market speaks: Buyers step in first
In addition to the activity of whales, the Spot Taker Cumulative Volume Delta index over the past 90 days has also recorded a stable and significant increase from buyers in the spot market. This index measures the net active buying compared to selling, and the results show that buyers are dominating spot transactions.
In other words, many traders are actively buying rather than taking profits or closing positions. Such a change is often an early sign of a reversal or an uptrend.
When combined with the accumulation activities of whales, this indicates a high likelihood that BONK will enter a prolonged bull run in the coming days — as long as positive market sentiment is maintained.
Source: CryptoQuant## BONK surges but is this just the beginning?
The price of BONK recorded a 7% increase yesterday before declining again afterwards. However, compared to the large-cap coins that are sinking in red, BONK has regained upward momentum at 0.3% on the daily timeframe. This positive momentum is accompanied by on-chain accumulation activity and optimistic signals from the spot market.
Thus, market sentiment is becoming more optimistic after the recent correction phase. If the momentum continues, BONK could be on the verge of entering a new price increase.
However, caution is necessary as the memecoin market is known for its volatility and sudden changes in sentiment.
What lies ahead?
Both whales and retail investors are showing a positive trend, and the current increase of BONK may still have room to continue.
Nevertheless, ruling out the possibility of a short-term adjustment at this time may be premature. However, the on-chain indicators are leaning towards a bullish trend and show positive long-term prospects.
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BONK is about to reverse and be bullish if this does not happen
Bonk (BONK), the memecoin on the Solana platform, has returned to the spotlight after rising more than 7% yesterday. While the price surged, on-chain data reveals that whales and spot traders may be driving a larger shift.
In recent days, large wallets have been quietly accumulating BONK as the price declines. According to CryptoQuant, since June 7th, whale-sized futures trading orders have begun to appear on-chain, indicating a renewed interest from large investors.
Typically, accumulation during market corrections is seen as a strong sign of confidence. In the past, such periods have often been precursors to strong price increases of BONK, especially when accompanied by increasing participation from retail investors.
In addition to the activity of whales, the Spot Taker Cumulative Volume Delta index over the past 90 days has also recorded a stable and significant increase from buyers in the spot market. This index measures the net active buying compared to selling, and the results show that buyers are dominating spot transactions.
In other words, many traders are actively buying rather than taking profits or closing positions. Such a change is often an early sign of a reversal or an uptrend.
When combined with the accumulation activities of whales, this indicates a high likelihood that BONK will enter a prolonged bull run in the coming days — as long as positive market sentiment is maintained.
The price of BONK recorded a 7% increase yesterday before declining again afterwards. However, compared to the large-cap coins that are sinking in red, BONK has regained upward momentum at 0.3% on the daily timeframe. This positive momentum is accompanied by on-chain accumulation activity and optimistic signals from the spot market.
Thus, market sentiment is becoming more optimistic after the recent correction phase. If the momentum continues, BONK could be on the verge of entering a new price increase.
However, caution is necessary as the memecoin market is known for its volatility and sudden changes in sentiment.
What lies ahead?
Both whales and retail investors are showing a positive trend, and the current increase of BONK may still have room to continue.
Nevertheless, ruling out the possibility of a short-term adjustment at this time may be premature. However, the on-chain indicators are leaning towards a bullish trend and show positive long-term prospects.
Dinh Dinh