BONK Price Eyes 37% Rally as $16 Million Worth of Tokens Exit Exchanges

BONK is back on the radar after on-chain metrics, technical crossovers, and exchange flows all align for a possible explosive price move.

Even though the token has gained over 8% day-on-day,  a 37% upside from the current levels is also in sight.

Exchange Supply Drops and Smart Money Get In

According to the Nansen dashboard, BONK’s exchange supply has dropped 2.88% over the past 30 days. With 20.44 trillion BONK currently held on exchanges, this implies a drop of around 589 billion tokens. At a price of $0.00002835, that’s roughly $16.69 million worth of tokens exiting exchanges; a clear signal of decreasing sell pressure.

Supporting this, the top 100 addresses now hold 56.53 trillion BONK, up 6.12% over the month. “Smart money” wallets have surged 48.6%, while exchange balances and whale wallets have shrunk, confirming an internal rotation of supply into stronger hands. 

Exchange Supply measures how much of a token is held on exchanges. A drop often signals lower short-term selling risk.

Golden Crossover Could Add Fuel to the Rally

BONK is on the verge of confirming a Golden Crossover, where the 50-day EMA (exponential moving average) crosses above the 200-day EMA. This momentum signal is widely tracked in technical analysis and typically suggests that a long-term uptrend is beginning.

The last few sessions have seen price candles float above both the 50-day (orange) and 200-day (blue) EMAs. This positioning confirms a strong market structure, and once the crossover is validated, the bullish narrative gains even more strength.

BONK Price Targets Remain Bullish

BONK price has broken past multiple Fibonacci extension levels, with the 1.0 level at 0.00002826 now acting as key support. The current price sits around 0.00002835, and the next resistance zone, marked by the 1.618 Fibonacci extension, lies at 0.00003868; a potential 37% gain from current levels.

In case of pullbacks, $0.00002826 and $0.00002466 remain strong support levels. These are the levels from which we can expect the BONK price to bounce.

Fibonacci Levels help identify support/resistance zones based on past price moves. A 1.618 extension often marks the next bullish target.

However, if BONK slips below 0.00002182 (0.618 Fib level and also the strongest support) and fails to hold above that level, and if exchange balances begin rising again, the bullish thesis could quickly fizzle out. 

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