Growing confidence in Solana network drives BONK recovery despite resistance levels
BONK, the popular meme coin built on Solana, surged by 4% in the past 24 hours, signaling renewed investor confidence amid broader interest in Solana’s ecosystem. Analysts suggest that institutional participation in Solana-based projects is boosting sentiment for associated tokens, including BONK.
At the time of writing, BONK is trading near $0.00002151, consolidating within a critical support zone around $0.00002000, as shown by recent trading activity. The price recently rebounded from this green support area after a sharp decline in early August. Key resistance levels remain at $0.00002500 and $0.00002900, marked by strong seller pressure.
“The current price structure suggests that BONK is attempting to build a base above $0.00002000,” noted  BITX market analyst. “However, a clean breakout above $0.00002500 is essential for any sustainable bullish momentum.”
Recent on-chain data indicates that large wallets have accumulated Solana tokens, which experts believe could indirectly strengthen BONK’s outlook. Institutional interest in Solana-based DeFi and NFT ecosystems is translating into optimism for related assets.
The chart highlights a previous descending channel breakout, followed by an extended rally before the current pullback. The green support zone near $0.00002000 remains crucial for bulls, while bears are defending $0.00002500–$0.00002900 aggressively. A daily close above $0.00002900 could open the door for $0.00003300, whereas failure to hold $0.00002000 may lead to a retest of $0.00001800.
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.