Solana Memecoin Climbs 1.7%, Faces Key Resistance

BONK, a Solana-based memecoin, advanced 1.7% in the last 24 hours to $0.00002626.

The token traded within a 4% range, with a high of $0.00002645 and a low of $0.00002485, producing a $0.00000160 spread, according to CoinDesk Research’s technical analysis data model.

The price rebounded from the low at 16:00 UTC on Aug. 7, moving toward the peak during the European morning on Friday. This recovery phase saw total volume surge above 1.09 trillion tokens, greater than the daily average. However, momentum stalled at $0.00002640, where repeated sell orders capped upward moves.

BONK subsequently held above $0.00002600 despite brief dips. A volume spike of 48.86 billion tokens at 12:07 UTC coincided with a failed breakout attempt past $0.00002615, reinforcing the established resistance zone. BONK may have consolidated below $0.00002630 for now, leaving traders focused on whether the token can break higher or face renewed selling pressure.

Market sentiment across memecoins remains cautious amid broader crypto volatility. Institutional flows have shown signs of rotation into more established assets, but BONK’s sustained support at $0.00002550-$0.00002600 suggests buyers remain active.

Technical Analysis

• Trading range of 4% spanned $0.00002485 to $0.00002645.
• Resistance confirmed multiple times at $0.00002640.
• Support zone established at $0.00002550–$0.00002600.
• Volume spike of 1.09 trillion tokens during rally phase.
• Failed breakout at $0.00002615 led to pullback.
• Elevated liquidity observed in the $0.00002580–$0.00002610 band.
• Intraday volatility produced several lower highs after peak.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.