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BONK, the Solana-based memecoin, is experiencing profit-booking near $0.000026, yet technical indicators suggest potential support around $0.000020.
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Following a sharp rally since the launch of the LetsBonk platform, BONK’s price action reveals no immediate signs of topping, maintaining bullish momentum.
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According to COINOTAG, LetsBonk’s 24-hour revenue surged to $1.04 million, nearly doubling Pump.fun’s $533,412, underscoring strong market interest in Solana memecoins.
BONK price faces short-term profit-taking near $0.000026 but likely finds support at $0.000020 amid strong Solana memecoin market activity.
BONK Price Prediction: Key Resistance and Support Levels to Watch
BONK’s recent price movement shows a rebound from $0.000011 on June 22, gaining momentum after surpassing key moving averages. The 20-day exponential moving average (EMA) at approximately $0.000017 has begun an upward trajectory, while the relative strength index (RSI) remains in bullish territory, indicating sustained buying pressure.
If buyers maintain control, BONK/USDT could test the critical resistance near $0.000026. A decisive break above this level would confirm a double bottom pattern, potentially propelling the price toward the $0.000041 target. Conversely, the 20-day EMA serves as vital support; a breach below this could confine BONK within a $0.000011 to $0.000026 trading range, signaling consolidation.
Short-Term Price Dynamics and Profit Booking Insights
On the 4-hour chart, BONK has retraced below the 20-EMA, reflecting short-term profit-taking by traders. The price may find buyers near the 50% Fibonacci retracement level at $0.000020, a zone that could catalyze a rebound. Should the price recover from this support, bulls will likely attempt to push BONK above the $0.000024 resistance.
However, if the price falls below $0.000020, further correction toward the 50-day simple moving average (SMA) is probable, which may delay the continuation of the upward trend. This scenario underscores the importance of monitoring these technical levels closely for trading decisions.
Market Context: LetsBonk’s Revenue Surge and Its Impact on BONK
The launch of LetsBonk on April 25 has significantly boosted BONK’s market profile. According to decentralized finance analytics from DefiLlama, LetsBonk generated $1.04 million in 24-hour revenue on Monday, nearly twice that of competitor Pump.fun. This surge highlights growing investor interest in Solana-based memecoins and supports BONK’s recent price appreciation.
Such robust revenue figures not only reflect active user engagement but also enhance BONK’s liquidity and trading volume, factors that contribute to price stability and potential growth. Market participants should consider these fundamentals alongside technical analysis when assessing BONK’s outlook.
Technical Analysis: Indicators Supporting Bullish Momentum
The upward slope of the 20-day EMA combined with a positive RSI suggests that bullish momentum remains intact. These indicators are crucial for traders aiming to identify entry points and manage risk effectively. The formation of a double bottom pattern, a reliable bullish reversal signal, further strengthens the case for a potential rally continuation if resistance at $0.000026 is overcome.
Nevertheless, traders should remain cautious of short-term volatility and profit-taking phases, which are common in memecoin markets. Maintaining a balanced approach by watching key support and resistance levels will be essential for navigating BONK’s price movements.
Conclusion
BONK’s price action reflects a healthy correction phase following a strong rally, with critical support expected near $0.000020. The combination of rising moving averages and positive momentum indicators suggests that the memecoin could resume its upward trajectory if it breaks above the $0.000026 resistance. Meanwhile, LetsBonk’s impressive revenue growth reinforces BONK’s market relevance within the Solana ecosystem. Investors and traders should monitor these technical and fundamental factors closely to make informed decisions in this evolving market.
