Meme coin struggles to maintain momentum after testing key supply zone
BONK, one of the leading Solana-based meme coins, has pulled back sharply, registering a 7% decline in the last session. The drop comes after the token tested a critical resistance area near 0.00002500 USDT, where sellers stepped in to cap further upside. Despite the pullback, the broader structure still reflects significant volatility as traders weigh support and resistance levels.
The 4-hour chart shows BONK’s recovery from its July lows, when the price bounced off the 0.00001800 support zone, a level that has repeatedly acted as a demand base. The rally carried BONK into the 0.00002500–0.00002800 resistance cluster, highlighted in red, but momentum stalled as profit-taking intensified.
Currently, BONK trades around 0.00002360, with price consolidating near a neutral zone. If the correction deepens, the next downside support lies around 0.00002100–0.00002200, marked in green. Analysts note that this level could serve as a retest area for buyers. On the upside, reclaiming 0.00002500 would be essential for BONK to resume its bullish trajectory.
BITX Market strategists point out that meme tokens often display sharp swings. “The rejection at 0.00002500 highlights short-term exhaustion,” According to BITX “However, as long as BONK holds above 0.00002100, the broader bullish structure remains intact.”
Volume data also shows heightened activity, suggesting that both buyers and sellers are actively positioning around these technical zones. A breakout above 0.00002800 could shift sentiment strongly bullish, potentially opening the path toward 0.00003200 levels.
The meme coin faces a pivotal moment as it consolidates between key support and resistance. Traders are watching whether BONK can sustain above its green support area, which could provide the base for another rally attempt.
In summary, BONK’s 7% decline reflects a natural correction after testing resistance, but the price action in the coming days will determine whether this is a short pause or the start of a deeper retracement.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.