BONK Advances as Trillion-Token Burn Looms, But Faces Resistance at Key Level
Solana-based meme token BONK rose 8.39% on July 31, climbing from $0.000028 to a session high of $0.00003 before paring back gains. The rally reflects growing investor anticipation ahead of a massive 1 trillion token burn, expected once the protocol reaches 1 million on-chain holders.
The price action showed clear bullish structure, with higher lows consolidating in the $0.000027–$0.000028 zone. However, BONK met strong resistance at $0.00003—widely viewed as a psychological ceiling—prompting a 1.58% pullback to $0.000029 as short-term traders locked in profits. Elevated volume during the dip suggests localized selling rather than a broader shift in sentiment.
The upcoming supply reduction could mark one of BONK’s largest burns to date, reinforcing the token’s deflationary narrative and supporting its recent upside momentum.
Technical Snapshot:
- Trading range: $0.000027–$0.00003 (10.7%)
- Consolidation: Strong base at $0.000027–$0.000028
- Resistance: Rejection at $0.00003 amid sell pressure
- Structure: Bullish trend intact with rising lows
- Volume: Spike during pullback signals active short-term rotation
