The recent surge in Bonk (CRYPTO:BONK) price has captured the attention of investors, sparking debates about its implications.
Following an 80% price increase in just four days, BONK holders have become more active, potentially driving further gains.
The rally has led to the liquidation of short positions worth over $2 million, indicating a shift in market sentiment as bears step back amid the price rise.
Moreover, the funding rate of Bonk, which had been negative for a month, has turned positive, signaling a change in market dynamics and potentially paving the way for further price gains.
Technical analysis also suggests bullish signals, with the formation of a Golden Cross, indicating potential upward momentum in the market.