Bonk (BONK) is clinging to a critical support zone as traders watch closely for signs of a bullish turnaround. After weeks of correction, the meme coin is showing early signs of a double-bottom reversal, a pattern that could spark a powerful rally potentially more than 100% if momentum builds.
Support Meets Point of Control
For several sessions, Bonk has held firm at daily support, a level that coincides with the point of control (POC) a major volume node now acting as resistance. Analysts view this area as a pivotal battleground: if bulls can reclaim the POC on a daily close, the double-bottom formation would be confirmed, opening the door for a strong recovery.
Oversold Conditions Suggest Bounce
Technical indicators also support the case for a rebound. The Bollinger Bands show the lower band stretching down into Bonk’s support zone, a setup that often signals oversold conditions. Historically, similar overlaps have preceded sharp reversals, especially when paired with classical bullish structures like a double bottom.
Whales Step In
Adding fuel to the bullish outlook, large holders recently accumulated 80 billion BONK tokens, signaling confidence in the token’s upside potential. This buying interest, combined with trading volume patterns, suggests bulls are preparing for another push higher.
Meanwhile, Safety Shot’s decision to include Bonk in its treasury strategy has added another layer of credibility, reinforcing long-term confidence in the token.
What Comes Next?
If Bonk manages to reclaim the POC on a closing basis, traders will be watching for a surge toward the next daily resistance. A successful breakout could deliver gains exceeding 100%, marking one of the token’s most significant reversals of the year.
On the other hand, failure to close above the POC would leave the reversal incomplete and risk dragging Bonk into a longer period of consolidation or even deeper losses.
For now, the coin sits at a crossroads: buyers are defending support, the technicals suggest oversold conditions, and whales are stepping in. Whether this combination is enough to ignite a rally will depend on the battle playing out at the POC in the days ahead.
