BONK (BONK), a prominent Solana-based meme token, demonstrated remarkable resilience on July 24, with its price settling at $0.000034 after experiencing an intraday swing between $0.000031 and $0.000037. This highly volatile session, which saw a 16% range, ultimately resulted in BONK closing just 0.86% lower for the day.
This performance stands out given the broader market downturn that impacted Solana memecoins, with their collective market capitalization dropping by 10.2% to $15.1 billion, according to Coingecko data. In contrast, BONK defied the selling pressure, posting a 6% gain and emerging as the only top 5 ranked Solana meme token trading in the green.
The rally in BONK's price was largely attributed to the team's confirmation of a substantial burn of 500,000,000,000 BONK tokens on Thursday, sourced from fees generated on the memecoin network. This significant reduction in supply appears to have been met with a positive response from the market, further affirmed by the latest BONK derivatives trading data from Coinglass.
Looking ahead, technical analysis suggests that bulls are actively defending the $0.000032 support level, thwarting attempts by bears to push BONK below the daily mid-Bollinger Band. This rebound scenario keeps the $0.000040 resistance level firmly in focus for the short term.
Key technical indicators, including the MACD (Moving Average Convergence Divergence) and Bollinger Bands, currently signal a period of consolidation, with no definitive bearish reversal confirmed. The MACD remaining above the zero line further indicates that momentum continues to favor buyers.
If BONK manages to break above $0.0000385 with sustained trading volume, a push toward the $0.000042 mark could follow. Conversely, a failure to hold the crucial $0.000032 support level would reintroduce downside risk, potentially opening the path toward $0.000028.
July 2025, Cryptoniteuae