homegrown meme coin, was up 20% on the weekly price charts. It was trading at $0.00004095, about 17% from its record all-time high of $0.00004770 on the 4th of March.
A move above the ATH will effectively push BONK into price discovery, i.e., into new price territory never hit before.“$BONK – last time the dog coin entered price discovery in March, a spike in volume occurred on the Solana blockchain shortly after, with ~$2b volume daily. Will history repeat itself?”However, BONK saw massive buying on-chain volume and overwhelming positive market sentiment, as shown by the Volume and Weighted Sentiment .
At press time, BONK’s OI hit a record of $24 million, compared to the $20 million hit in early March’s price discovery.However, liquidity maps showed considerable liquidation levels concentrated on the lower side of price action, specifically around $0.000035 and $0.000040 .Typically, price action tends to move towards high liquidity levels . If such a scenario plays out, the BONK price could ease to $0.000040 or $0.000035 before moving forward to $0.000045.
However, despite the incredible buying pressure, as shown by the bullish RSI reading, the CMF hasn’t broken above the average level. The last time BONK hit the price discovery level, CMF was above zero. So, the capital inflow has so far been great, but CMF was below the March reading.As Ninja Scalp stated, there’s been a considerable jump in OI as BONK nears another price discovery. However, the bullish momentum could be weakened if BTC records more losses.Benjamin is a Telecommunication Engineering graduate who is passionate about crypto-markets and unraveling market trends.