BONK saw a vast increase in social metrics but sentiment continued to be low. Its technical indicators showed bulls were on the rise.
saw its social dominance surge higher by fivefold within two days over the weekend. AMBCrypto’s analysis of the Santiment data showed that theA recent AMBCrypto report noted that BONK saw its trading volume surge higher alongside prices. The token bounced by 67.7% from the lows it set on the 19th of April. Have the bulls turned a corner?As BONK prices jumped from $0.000014 to $0.0000214, the social volume also climbed higher. The social dominance rose from 0.165% on the 19th to 0.
Yet, the weighted sentiment behind BONK remained in the negative territory. This showed that the social media engagement was negative, despite the price performance in the short term. This indicated a lack of belief in the memecoin.The Open Interest rose from $130 million to $219 million when prices expanded northward. This showed that speculators were eager to capture some of BONK’s gains and had a short-term bullish outlook.
However, during the rally, the funding rate was negative. Additionally, the aggregated liquidations showed many short positions were liquidated during the move upward, fueling prices higher.The trading volume picked up over the past two days. Therefore, even though the derivatives market likely pushed prices higher, the trading activity also played a part. It is possible that bulls might begin a recovery.If the bulls can continue this performance, the 78.
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