Solana memecoin faces critical price level as buying momentum meets selling pressure
The price of BONK continued its upward push on Thursday, gaining 1.7% to trade near $0.0000264, a level that has historically acted as a strong resistance zone. The move comes amid volatile trading conditions and increased volume, signaling growing market interest in the Solana-based memecoin.
On the 4-hour chart, BONK’s price action shows a recovery from the recent sell-off, rebounding from the $0.0000220–$0.0000240 support area (green zone) and moving toward the $0.0000264–$0.0000300 resistance region (red zone). This area previously triggered significant selling pressure, making it a crucial level for traders to watch.
Market analyst Daniel R., who specializes in altcoin technicals, noted that BONK is currently in a “make-or-break position.”
“If BONK can close above $0.0000264 on strong volume, it opens the door for a retest of $0.0000300 and potentially higher,” he said. “However, rejection here could see the token revisiting the lower green support zone.”
Breakout Potential and Risk Factors
Earlier in the summer, BONK broke out of a descending wedge pattern, sparking a rally that peaked near $0.0000420 before a sharp correction. The current rebound comes after weeks of consolidation, suggesting renewed bullish momentum.
Technical indicators now point to a tight trading range between the highlighted support and resistance zones. Traders are closely watching whether BONK can sustain buying pressure to break past this ceiling.
“Volume spikes near resistance often determine the breakout’s validity,” explained BITX crypto strategist T. “Right now, the market is showing cautious optimism, but the lack of a clear breakout leaves both scenarios—upside and downside—on the table.”
For short-term traders, a confirmed breakout above $0.0000264 with increasing volume could signal further upside toward $0.0000300–$0.0000350. Conversely, a failure to breach this level may trigger a retracement back toward the $0.0000220 support.
With market sentiment still fragile, BONK’s next move could set the tone for its August performance.
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.