- BONK holds key support while traders watch for a falling wedge breakout.
- Supply zone flip could trigger a conditional long entry for bullish traders.
- Volume spikes hint at growing demand despite resistance capping upward moves.
The market seems like it is holding its breath for Bonk — BONK . Traders watch the chart with an almost obsessive focus, scanning every move for the first sign of ignition. Each candle seems to whisper a clue, yet none have shouted loud enough to spark the breakout. A falling wedge pattern has taken shape, and many are waiting for it to crack open. If that happens, a flip of the lower timeframe supply zone could turn it into new support. For bulls, that could be the exact moment to strike.
Price Action Shows Strength Despite Resistance
BONK, a memecoin born on the Solana network , has inched higher over the past day, posting a 1.7% gain to trade at $0.00002626. This climb took place inside a tight 4% trading range, bookended by a high of $0.00002645 and a low of $0.00002485. The narrow spread of $0.00000160 speaks to a market in balance but not at rest. Both sides seem unwilling to give ground, yet pressure is quietly building beneath the surface. The story turned interesting on Aug. 7, when BONK rebounded from the session low.
The rally carried the price of BONK toward its peak during the European morning, and volume surged above 1.09 trillion tokens. That figure outpaced the daily average and hinted at fresh demand entering the market. Still, the rally’s momentum stalled at $0.00002640. Sell orders lined up like a barricade, forcing the token to retreat without surrendering much territory. The fact that it held above $0.00002600 despite repeated dips suggests buyers are quietly reinforcing their position.
Key Zones Hold as Traders Await the Break
The 3D breaker block , represented by the black box on the chart, is under active test. Many see this as a prime spot-buy level, a place where early positioning might pay off. The $0.00002550 to $0.00002600 range has acted like a fortress for days, with buyers stepping in whenever sellers attempt to force the price lower. This consistency has created a foundation of confidence, even while overall memecoin sentiment stays cautious due to broader crypto volatility.
Institutional flows appear to be rotating toward more established assets, yet BONK has refused to show signs of capitulation. That resilience has not gone unnoticed, especially among short-term traders who thrive on identifying early shifts in momentum. Should the falling wedge resolve to the upside and the supply zone flip into solid support, the setup for a conditional long entry becomes clear.
For now, the market is locked in a standoff. Every tick feels like the tightening of a coiled spring. When it finally snaps, the move could turn hesitation into a rush, setting the stage for the next chapter in BONK’s story.
