BONK, a meme-based token on the Solana blockchain, is currently under pressure after a significant weekly selloff. Following a 27% decline in the last 7 days, the token now trades near $0.000026, hovering just above a critical support level that could determine its next major move.
Cup and Handle Pattern May Signal Major BONK Rebound
Technical analysts are closely watching a potential cup-and-handle pattern, often seen in bullish continuation setups. BONK is now retesting the $0.000025 neckline, which many traders view as a launchpad for a possible reversal.
If the neckline holds, some analysts are predicting a 100% upside, with potential targets ranging from $0.000035 to $0.000052.
Volume trends support this theory. Trading activity topped $570 million over the past week, with increased volume on the right side of the pattern, which often signals building bullish momentum.
Former Resistance May Act as BONK Support
Price action suggests that the zone between $0.000025 and $0.000026—previously a resistance level—could now act as short-term support.
“If BONK dips into this blue box zone, I’m watching for a bounce,” one analyst noted, highlighting the area as a possible buy zone.
Failure to hold this level, however, could indicate a break in bullish momentum and open the door to further downside risk.
Grayscale Tracking Brings Institutional Spotlight
Adding to the intrigue, BONK was recently included in Grayscale’s institutional asset tracking list. This signals growing interest from professional investors and asset managers, even as retail traders remain cautious.
Institutional recognition has the potential to support price stability during volatile phases.
Outlook: Critical Moment for BONK
The coming days are likely to be decisive. If BONK holds the $0.000025 support, the bullish setup could remain intact. A clean bounce might attract renewed momentum buyers, while a break lower could force traders to reassess short-term expectations.
BONK’s future now hinges on whether it can turn technical promise into sustained upside.
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.