- BONK is consolidating within a bullish pennant pattern.
- A breakout could push the price to the 0.00005 target.
- Confirmation needed from a daily close above resistance.
BONK, the Solana-based meme coin, is currently showing a textbook bullish pennant formation on the charts—a pattern that typically signals the continuation of a prior uptrend. After a strong breakout in recent weeks, BONK has entered a period of consolidation, forming converging trendlines that resemble a triangle or “pennant.”
This kind of structure often appears after a sharp price move and suggests that the asset is gathering momentum for its next leg upward. Traders and analysts are closely monitoring this setup, anticipating a potential surge if the price breaks above the pattern’s upper resistance.
0.00005 Target in Sight
If BONK resolves this bullish pennant to the upside, the implied price target sits near 0.00005, which represents a significant gain from current levels. This projection is derived by measuring the height of the initial breakout move and applying it to the expected breakout point.
However, this bullish scenario will only be confirmed if BONK closes a daily candle above the top orange resistance line of the triangle. Until that confirmation, the pattern remains in play without a clear breakout direction.
Wait for the Confirmation
Traders are advised not to front-run this setup. While the bullish pennant increases the odds of upward continuation, a premature entry could lead to false breakouts. The safest approach is to wait for a daily close above the pennant’s resistance to confirm that the breakout is real.
With momentum building and the community watching closely, BONK could be gearing up for another explosive move. But as always in crypto, timing and confirmation are everything.
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