Bonk ($BONK), the Solana meme coin that experienced a surge in late 2023 and gained cult status across the cryptocurrency world, is now facing a critical juncture.
With the BONK price hovering around $0.00001311, traders are divided over whether the dog-themed token is setting up for a relief bounce or slipping into deeper correction territory.
Over the past 24 hours, BONK has managed a +0.92% gain, but the market structure remains fragile. Trading volume on CoinMarketCap has decreased by over 16%, falling to $98.11 million. The token is down by more than 36% in the past month and nearly 60% in the last six months.
While long-term holders are still up massively from the token’s 2022 all-time low, short-term price action tells a more cautious story.
BONK Weekly Chart Shows Repeated Rejection
According to a prominent crypto analyst, the BONK meme coin has consistently failed to break the 0.00002184 resistance zone, which aligns with its weekly rejection level around 0.0000218.
His latest chart shows the token in a clear downward structure, with MACD signaling bearish momentum and volume fading, a double warning for bulls.
His base case is that if no reversal pattern emerges, the BONK meme coin could revisit support near 0.0000092, offering a potential scalp-long opportunity.
For longer-term positioning, he suggests a spot buy zone around 0.0000042, with upside targets back toward 0.00002. That’s a steep path down and up, but one that fits meme coin volatility.
Short-Term Setup: Watch for Break Above $0.0000145
On the 4H chart, the same trader outlines a clear short-term bullish trigger: wait for BONK to break and hold above $0.0000145. Only then would a long trade to $0.0000165 be validated, he notes.
The setup is simple: if candles can reclaim and sustain above that resistance, it could trigger a 13–15% bounce, especially if meme coin sentiment heats up. But without that breakout, the setup remains invalid, and further downside remains in play.
The chart confirms that the BONK price is still trapped under a descending trendline. Until a clear breakout occurs, rallies may be limited and short-lived.
Meanwhile, as of now, BONK trades at $0.00001309 and $0.00001311 across other aggregators. This puts it just above its 24-hour low of $0.00001297, with intraday volatility contained between $0.00001302 and $0.00001363.
From a macro perspective, BONK price remains down 77.83% from its all-time high of $0.00005916 set in November 2024. Despite that, it’s still up over 14,000% from its lowest point in December 2022, a clear sign of how meme coin cycles work in extremes.
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