BONK surged 11.5% in 24 hours, breaking above a key descending channel as trading volume spiked 157%. The meme token’s market cap reached $632.66 million while open interest rose 13.4% to $7.63 million, indicating renewed speculative interest. Persistent exchange outflows and negative funding rates suggest a potential shift in market structure, though crowded short positions introduce volatility risk.
The price of BONK jumped 11.5% to $0.0000057189, disrupting its prolonged downtrend with a 157% explosion in trading volume. Its market capitalization stood at $632.66 million, reflecting renewed speculative appetite in the market.
Concurrently, Open Interest climbed 13.4% to $7.63 million, signaling expanding derivatives participation. This move does not unfold quietly, as price now breaks above a key technical structure while exchange flows and funding data reveal deeper positioning shifts.
BONK has pushed decisively above the upper boundary of its descending channel on the daily chart. That breakout changes the short-term structure immediately, shifting the technical bias from pure continuation to potential reversal territory.
The RSI read 45.44 after rebounding from deeper oversold territory near the low 30s. This shift signaled early momentum repair rather than full bullish expansion, reflecting a clear change in internal pressure.
Spot netflows remain negative, with the latest reading showing roughly $870,000 leaving exchanges. This pattern signals continued token withdrawals rather than deposit-driven selling, which often precedes supply tightening phases.
The OI-Weighted Funding printed -0.0143%, reflecting persistent negative bias where shorts pay longs to maintain positions. When funding stays negative while price climbs, imbalance intensifies, raising the potential for forced short covering to accelerate volatility.
To sum up, BONK has broken its descending channel while RSI strengthens, exchange outflows persist, and funding remains negative. Structure now favors upside continuation, but rising Open Interest and crowded shorts inject significant volatility risk.
