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Coinspeaker
BONK News: BONK Price Crashes 30%: Can 2.025T Token Burn Trigger Rebound?
As the meme coin market cap crashes to $70.05 billion, marking a 38% decline over the past month, top meme coins are under extreme pressure. Amid growing bearish sentiment and market uncertainty, Solana’s Bonk
BONK
$0.000017
24h volatility:
0.5%
Market cap:
$1.35 B
Vol. 24h:
$103.17 M
is facing intense selling pressure.
BONK price has dropped 30% over the past 7 days, now trading at $0.001757 with a market cap of $1.3 billion. With rising uncertainty, will the fifth-largest meme coin continue its decline, or is a bullish turnaround possible?
BONK Price Drops for the Third Consecutive Week
In the weekly chart, BONK price action reveals its third consecutive bearish week. With a 29% decline last week, the bearish influence remains strong, extending into this week.
Currently, the weekly candle shows an 8.81% pullback after hitting a 7-day low of $0.00001421. Since this low, BONK has recovered to $0.00001750, now sustaining above the S1 pivot level at $0.00001627.
However, the three-week pullback, coupled with a reversal from the overhead resistance trendline, has led to a 70% drop in market cap over the past 11 weeks. The selling pressure remains high. Investor sentiment has turned cautious as BONK struggles to regain momentum.
With this massive downturn, BONK has breached the support trendline of its rising channel pattern. The MACD and signal lines remain extremely bearish, with a surge of intense red histograms signaling continued downside momentum.
Thus, the momentum indicator maintains a sell signal, aligning with price action analysis suggesting a rising channel breakdown. Under multiple sell signals, the critical support levels for BONK are the S1 pivot at $0.00001627 and the psychological mark of $0.000010.
Will BONK Price Recover?
If the broader market stabilizes, BONK could potentially form a morning star pattern, leading to a recovery next week. A bullish turnaround will likely target the S1 pivot at $0.000028, but the psychological level of $0.000020 will act as strong resistance.
A breakout beyond these levels could trigger renewed buying interest and short-term upside potential. Supporting this bullish possibility, crypto analyst Ali Martinez has projected a buying opportunity in BONK. Using the TD Sequential indicator on the daily timeframe, the short-term 4.41% intraday recovery signals a potential reversal.
The TD Sequential indicator has flashed a buy signal on the $BONK daily chart, suggesting a potential price rebound ahead! pic.twitter.com/OIg4x4Uhla
— Ali (@ali_charts) February 7, 2025
BONK’s 2.025 Trillion Token Burn
Another key factor strengthening the bullish case is the recent BONK token burn announcement. In a recent X post, the official BONK account revealed that 2.025 trillion BONK tokens will be burned this year. The burn event is in celebration of the BONK Dragon event and the 2025 Lunar New Year.
The Dragon breathes and BONK coins will be BURNED🔥🐉
2,025,000,000,000 $BONK will be burnt to celebrate the BONKdragon event and 2025 Lunar New Year❗️❗️❗️ pic.twitter.com/Oe2VeEut63
— BONK!!! (@bonk_inu) February 6, 2025
The post also highlights that BONK will be burned upon completion of BIP No. 75 voting via the Realms program. With reduced supply and renewed buying interest, BONK could see a potential price rebound in the coming weeks.
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BONK News: BONK Price Crashes 30%: Can 2.025T Token Burn Trigger Rebound?
