Whales Fuel $BONK Surge: 172% Breakout Ahead – Can It Eclipse $WIF?

$BONK is on a rampage, rising 4% in 24 hours on May 26 as it eyes an explosive breakout above $0.000021. The Solana memecoin has skyrocketed 15% this month, crushing rivals like WIF and Popcat.

After briefly touching $0.00002174 earlier today, $BONK’s pullback to $0.00002051 hasn’t shaken traders’ bullish conviction, with its 30-day rally reinforcing its Solana memecoin crown.

$BONK leads Solana memecoin chart/ Source: CoinMarketCap

Smart Money Is Watching: Whales Accumulate $BONK

With a market capitalization of $1.63 billion, many $BONK holders view the current price movement as groundwork for another potential breakout.

According to Stalkchain, a blockchain analytics platform tracking whale and insider activity, $BONK was the most purchased token by smart money in the past week.

One clear example occurred on May 22, when a wallet linked to Squads Protocol initiated a $936,000 dollar-cost averaging (DCA) campaign into $BONK.

At press time, the wallet has completed its accumulation phase and now holds 85.98 billion $BONK, currently valued at $1.81 million.

This trend bucks the broader sentiment in the Solana memecoin sector, which has largely seen capital outflows.

Between May 19 and May 25, selling pressure across the memecoin space has generally outweighed buying, suggesting that most smart money investors have been offloading their holdings rather than accumulating.

On May 25 alone, top memecoins recorded over $3 million in net outflows. However, $BONK defied this trend with a positive net flow of $281,000 on the same day.

In contrast, another leading Solana memecoin, Dogwifhat ($WIF), was the most sold token by smart money within the last 24 hours, experiencing more than $250,000 in outflows.

Whale Trader Banks $34K in Just 3 Days on $BONK—Experts Eye Massive $2B to $15B Market Cap Surge

Despite the otherwise subdued market, traders have also found profitable opportunities in $BONK. For instance, one whale made a $34,760 profit in just three days by flipping $BONK.

The trader purchased 20.4 million tokens worth $437,740 at an average price of $0.0000214 on May 22 and sold them for $472,500 as the price broke above $0.0000217 earlier today.

Crypto Twitter (CT) has also taken note, with numerous traders sharing bullish long setups for $BONK and speculating on the token surpassing a $2 billion market cap in the near term.

One trader recently attended a Solana conference and expressed strong conviction in $BONK, calling it his top pick.

He praised the project’s roadmap and projected a long-term market cap target of $15 billion, a more than 826% increase from current levels.

$BONK Technical Outlook: Chart Patterns Point to Bullish Breakout

From a technical standpoint, the $BONK/$USDT chart appears to form a double bottom pattern on the daily timeframe, with neckline resistance around $0.00003272.

If confirmed, this pattern typically indicates a bullish reversal, especially after an extended downtrend.

It has recently rebounded from its April low and is now pushing higher, though it remains below the key resistance zone at around $0.00002020.

Should the token break through this resistance with conviction, technical analysis suggests a potential upside of 172%, targeting the $0.00005500 area based on historical price structure and Fibonacci extension projections.

The RSI divergence indicator currently reads 51.49, slightly above the neutral mark.

This indicates that momentum is neither overbought nor oversold, leaving room for further movement in either direction depending on upcoming market dynamics.

Nonetheless, the breakout has not yet been confirmed, and the rise of new memecoins may dilute investor focus.