Memecoin News: The price of BONK remains above key support, facing resistance at $0.0000264

Key Takeaways

BONK rose 1.7% in 24 hours to $0.00002626.

$0.00002640 resistance has repeatedly capped rallies.

Support remains at $0.00002550–$0.00002600 with strong buying activity.

BONK, a Solana-based memecoin, rose 1.7% in the last day to $0.00002626, trading within a tight 4% range as it approached a significant resistance level. The token hit an intraday high of $0.00002645 and a low of $0.00002485, according to CoinDesk Research's technical analysis model.

A bounce from the August 7 low at 16:00 UTC propelled BONK to its morning peak in Friday's European session, with total volume surpassing 1.09 trillion tokens — well above the daily average. Despite the strong recovery, momentum stalled at $0.00002640, where sell orders repeatedly halted attempts to rise.

Technical Summary

Resistance: $0.00002640 confirmed as a key ceiling after multiple rejections.

Support: The $0.00002550–$0.00002600 zone held firm, with buyers stepping in on dips.

Volume: The rally phase saw 1.09T of tokens traded; the failed breakout at $0.00002615 triggered a pullback.

Liquidity: Concentrated in the $0.00002580–$0.00002610 range.

Trend: A series of lower highs after the peak signals short-term consolidation.

Market Context

Sentiment towards memecoins remains cautious amid broader cryptocurrency volatility, with some institutional flows rotating towards more established tokens. Still, BONK's ability to defend support near $0.00002600 suggests active buying interest and leaves the possibility of a breakout above $0.00002640 if momentum returns, according to CoinDesk.