Key Notes
- BONK defied market trends with 6% gains while Solana memecoin sector dropped 10.2% to $15.1 billion market cap.
- The rally followed confirmation of 500 billion BONK token burn from network fees, boosting trader confidence significantly.
- Bulls defend $0.000032 support level targeting $0.000040 resistance as derivatives volume surged 54% intraday.
Bonk BONK $0.000034 24h volatility: 1.4% Market cap: $2.66 B Vol. 24h: $2.01 B price settled at $0.000034 on July 24 after spiking to highs of $0.000037 and lows near $0.000031. This followed a 16% intraday range, highlighting high volatility across Solana-based meme tokens . BONK closed just 0.86% lower on the day.
Solana memecoin sector performance, July 24, 2025 | Source: Coingecko
Market-wide selling saw Solana memecoin caps drop 10.2% to $15.1 billion according to Coingecko data. However, BONK bucked the trend posting 6% gains to emerge the only top 5 ranked Solana meme trading in green on the day.
The BONK rally came as the team confirmed a major burn of 500,000,000,000 BONK tokens on Thursday, from fees generated on the memecoin network.
500,000,000,000 $BONK was just burned based on fees generated at @bonk_fun
You can track fees generated for $BONK buy and burns at https://t.co/3szWidigYy pic.twitter.com/sUPgVvlQJi
— BONK!!! (@bonk_inu) July 24, 2025
The latest BONK derivatives trading data from Coinglass further affirms the positive market response to the burn.
BONK Derivatives Data Analysis | Source: Coinglass
As seen above, BONK derivatives volume surged 54% intraday, while open interest jumped 12.5%. These trends indicate a spike in long-positions outpacing BONK’s 6% intraday spot price uptick, potentially a signal that traders are regrouping for another upward move.
BONK Price Prediction: Bulls Target $0.000040 After Post-Burn Bounce
Bulls continue to defend the $0.000032 support, frustrating bears’ attempts to push BONK below the daily mid-Bollinger Band. A rebound from this range keeps the $0.000040 resistance level in focus for the short term.
BONK Price Forecast
Technical indicators such as MACD and Bollinger Bands show consolidation, with no clear bearish reversal confirmed yet. The MACD remains above the zero line, showing momentum still favors buyers.
If BONK breaks above $0.0000385 and holds volume, a move toward $0.000042 could follow. However, failure to defend $0.000032 would reopen the downside risk toward $0.000028.
BONK Traders Shift Focus to New Solana Layer 2 Projects
BONK’s strong market engagement is driving renewed interest in Solana’s ecosystem, especially Solaxy, the network’s first Layer 2 chain. With SOL-based memecoins under pressure, traders are rotating into new projects like Solaxy’s SOLX token.
Solaxy
