BONK Spikes Eight Percent, But Bears Resist at Key Levels

Bonk, a meme coin built on the Solana blockchain, has emerged as the top gainer among the one hundred largest cryptocurrencies in the past twenty-four hours, fueled by a recent surge in price.

The latest uptick, with BONK rising eight point one percent to trade at $0.00002380, has been driven by renewed optimism in the market. However, bulls are now encountering strong resistance at critical levels, as selling pressure reemerges following this impressive gain. The daily trading volume has increased by thirty-three percent, reflecting a resurgence of market interest, while Bonk's market capitalization sits at $1.77 billion.

The daily chart illustrates a well-formed rounded bottom pattern, signaling a potential trend reversal, with Bonk posting higher lows. This pattern indicates that a breakout could occur if the coin surpasses its current resistance.

Despite the recent rise, the twenty-three point six percent Fibonacci retracement level at $0.00002379 remains a significant barrier. Should bulls successfully break through this level, the next major resistance point is at $0.00002522, the previous local high.

However, bearish sentiment is creeping in, evidenced by a three percent pullback observed this morning. Additionally, the Williams %R indicator is at -23.84, suggesting potential overbought conditions.

Nonetheless, the RSI is at fifty-nine point eighty-six, indicating that there is still potential for further gains, albeit with possible retracements.

Market analyst Astekz has outlined potential future targets for BONK. According to his analysis, the meme coin faces resistance at $0.00002470. If bulls can overcome this level, further targets could be $0.00004804 and $0.00007140. Conversely, if bears regain control, key support levels to monitor are $0.00002261 and $0.00001909, with the latter being critical for maintaining the current bullish sentiment.