BONK, the Solana-based meme coin, is showing promising signs of a potential upward move

BONK, the Solana-based meme coin, is showing promising signs of a potential upward move after consolidating above a key breakout zone.

Solana-based meme coin BONK is showing promising signs of a potential upward move as it consolidates above a key breakout zone. Technical indicators and on-chain metrics are aligning in a way that may suggest bulls are preparing for another push higher.

On the daily timeframe, BONK has successfully retested the upper boundary of a falling wedge pattern after breaking out. This pattern, when backed by increasing market confidence, often signals the start of a sustained rally.

At the time of writing, BONK traded at $0.00002041, showing a 5.32% increase in the past 24 hours. The token's price action demonstrates stability above the breakout level, confirming strength and setting the stage for a possible upward extension.

On-chain spot activity aligns with the bullish sentiment. BONK recorded $14.18 million in inflows compared to $12.91 million in outflows, resulting in a net inflow of over $1.27 million. This highlights growing accumulation pressure as more tokens are being held rather than sold.

This buying interest emerged just as BONK stabilized above its breakout level, reinforcing the possibility of a continuation rally.

Derivatives Data Points to Growing Optimism

Speculative interest in BONK is also indicated by derivatives volume, which rose 26.41% to $60.75M, while Open Interest (OI) increased 15.81% to $23.86 million. This suggests traders are positioning for a major move, likely anticipating a confirmed breakout.

Rising OI during a price increase often signals new long positions entering the market, adding to the bullish case.

Shifting trader bias is evident in the change in