BONK Gains 8% as Token Burn Anticipation Fuels Rally, But Resistance Halts Breakout
BONK, the Solana-based meme token, climbed 8.39% to reach a session high of $0.00003 before paring back gains to $0.000029. The move continued a broader uptrend characterized by rising lows and firm support in the $0.000027–$0.000028 range.
The rally encountered selling pressure at the $0.00003 level—a key psychological resistance—resulting in a 1.58% intraday decline. A noticeable spike in trading volume during the pullback suggests profit-taking activity, not a breakdown in structure.
The recent surge in price is largely driven by expectations of a significant deflationary event: BONK’s upcoming burn of 1 trillion tokens, scheduled to occur once the protocol hits 1 million on-chain holders. The event is expected to materially reduce circulating supply, adding long-term bullish pressure to the token’s outlook.
Technical Overview:
- Trading range spanned 10.7% from $0.000027 to $0.00003
- Resistance confirmed at $0.00003, initiating a brief retracement
- Elevated volume during the reversal suggests short-term exit flows
- Uptrend remains valid, supported by constructive price structure
- Anticipated burn continues to drive speculative interest
