BONK, Solana’s top memecoin, is back in the spotlight after an impressive two-day rally that lifted prices by more than 22%. Trading at $0.00002477, BONK has outperformed most rivals, held by structural demand and renewed community interest. Talking about business, the trading volume has doubled to $543.6M, while the market cap climbed past $2 billion.
This surge is not just about numbers. Safety Shot, a Nasdaq-listed company, and Bonk.fun have introduced steady buyback flows that are driving demand for BONK tokens. Add to this integration across Solana’s ecosystem, it looks like it’s more than just another memecoin hype cycle. Intriguing right? Join me as I take you through the details behind the price spike and the potential targets.
The major catalyst behind BONK’s breakout lies in tokenomics. Safety Shot’s acquisition of a 10% revenue share in Bonk.fun means that a significant portion of fees is now being funneled into recurring BONK buybacks on OKX. At July’s pace of $35M in fees, that translates into roughly $28 million in monthly purchases, a powerful demand engine that reduces circulating supply pressure.
This structural buying pressure coincides with broader adoption tailwinds. BONK is now integrated across 400+ Solana dApps, including DeFi protocols like Marinade Finance and gaming ecosystems. Even consumer hardware is playing a role: Solana’s new Seeker phone, which sold over 150,000 units, includes BONK as a rewards currency, embedding the token deeper into the Solana user base.
The latest upswing began when the BONK price broke above its 7-day SMA at $0.0000221 and its pivot point at $0.00002397. This bullish momentum quickly pushed it to test the $0.00002572 high, just below the $0.000026 Fibonacci resistance. Which corresponds to the 23.6% retracement level from its all-time high of $0.00005916.
Talking about indicators, the RSI sits above 66, not yet overbought but close to exhaustion levels, hinting that the rally may need to cool off. Meanwhile, the MACD histogram flipped positive, signaling that short-term momentum still favors the bulls.
For traders, the key level to watch is above $0.000025. If BONK can hold that threshold, the next logical target is its July swing high at $0.0000282, which also coincides with profit-taking territory shown on the charts. However, a failure to defend $0.000024 could invalidate the breakout and bring a quick pullback toward $0.000021, with secondary support at $0.00002038.
The rally was triggered by structural buyback demand from Bonk.fun revenues and accelerated by bullish technical momentum.
Resistance lies near $0.000026 and $0.0000282, while support sits at $0.000024 and $0.000021.
The RSI suggests near-overbought conditions, so short-term pullbacks are possible, but structural demand supports the broader uptrend.
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