Bonk Price Analysis: Bonk To Hit All-Time Highs? Yes, But Only If These Levels Are Broken Out

The meme coin trend is back in full swing, with Bonk (BONK) leading the charge on the Solana blockchain. In the last 7 days, BONK has surged over 20%, bucking the trend of other Solana-based meme coins like WIF and BOME, which have lagged behind.

At the time of writing, BONK is trading at $0.00002601, up a massive 73% surge i the last 30 days. Despite the surge, BONK has witnessed selling pressure in the last 24 hours, dropping 5.2% after finding a strong resistance level.  Its market cap now sits at $1.67 billion. In the last 24 hours alone, BONK has seen over $505 million in trading volume, a 14% drop in the same 24 hours.

The meteoric rise of BONK coincides with the recent surge in meme stock GameStop, suggesting retail traders are once again piling into speculative assets. The overall crypto market has also seen a bounce, with Solana nearing a crucial resistance level that could catalyze further upside for BONK and other SOL-based meme coins.

While still dwarfed by the original meme coin Dogecoin and challenger Shiba Inu (SHIB), BONK is quickly becoming the top dog of meme coins on the Solana network. Its recent gains have

Is a Breakout Possible?

From a technical analysis standpoint, the signs are pointing to a potential BONK breakout. In a bullish rally that saw Bonk record a 395% gain to hit a new all-time high of 0.00004750 on March 4th from a low of 0.00000950 in early February, a month timeframe, it Dropped and corrected 74% before finding support at the 0.00001234 low in mid-April.

The coin has repeatedly tested the $0.00002929 resistance level but has yet to break out and close above it for a rally to its all-time high. If it can break down and close above that level, the next key resistance will sit at $0.00003672.

Several on-chain metrics bode well for the bulls. BONK's long/short ratio has surged in recent days, indicating a high level of bullish pressure as buyers accumulate and hold. The Money Flow Index, which measures buying and selling pressure, is elevated, signaling buyers are in control. The MACD is also positive, suggesting upside momentum is building.

However, the rally is not without its risks. If BONK fails to break $0.00002929 again, having faced rejection twice in April and in May,  a drop back toward the $0.00002000 support level could be in the cards based on its recent consolidation range.

Yet again, a drop to support is not likely as the price is in a bullish symmetrical triangle. Whether BONK can maintain its torrid pace and challenge its March all-time highs remains to be seen. But with the meme coin mania still alive and in play, the rally to the all-time high is on the cards.