Key Insights :
- Bonk (BONK) completed a five-wave Elliott pattern. This pattern started forming just before a key descending trendline resistance break.
- The ecosystem of Solana-based memecoin continued to grow rapidly following the emergence of the LetsBONKfun launchpad.
- BONK’s 24-hour trading volume tumbled to $636.74M from $1.25B, a 48.69% decline.
BONK price prediction chart signals a possible pause in momentum. Analysts expect the price to reverse near the $0.00001725 level. This suggests a short-term shift in market direction.
BONK Price Prediction
BONK price completed the traditional five-wave Elliott pattern, with Wave Five reaching a resistance level of $0.00000025. This resistance conformed with the 1.618 Fibonacci extension at $0.00003052. This meant that BONK reached a short-term peak.
The approaching cooling stage was indicated by the relative strength (RSI) of strength above 79.91. Wave A is already moving, and the correction wave has likely begun.
If wave C entirely plays out, BONK price might retest the support zone at $0.00001725. This aligns with past consolidations and the 200-day moving average.
If this pullback is sustained above $0.00001725, a bullish reversal will ignite a new impulse wave aimed at $0.00003052. A gap above $0.00002519 daily resistance would confirm strength and a new leg up.
If BONK fails to hold support at $0.00001725, its price could extend lower. The next key level is $0.00001459, where daily support is strong. The RSI cooling off at the time when the price is correct indicates that momentum could be on the up.
As long as the BONK price stays above the weekly base at $0.00000984, its overall uptrend remains intact. This supports a bullish continuation into June.
BONK Ecosystem Growth and Market Dynamics
The Solana-based memecoin ecosystem is growing rapidly. LetsBONKfun, a BONK-themed launch platform, earned nearly $2 million in two weeks.
According to founder Tom, shared by Bonk Guy, the platform onboarded over 26,000 tokens. More than 6,911 tokens were launched in a single day.
The intensive activity generated roughly 2,880 SOL in fees, about $500,000 daily. The platform’s growth indicated growing retail excitement, which was crucial for the BONK world.
However, Pumpfun unblocked Tom and Raydium contributors on X, who previously limited them. This move started when the public addressed Alon, Pumpfun co-founder, through Bonk Guy.
Such developments brought about a competitive-cooperative nature that was beginning to develop between the leading memecoin ecosystems in Solana.
Expanding BONK’s brand utility through platforms like LetsBONKfun could strengthen its relevance. This may also contribute to a price increase. However, the general outcome relied on the long-term demand and responsible project launching.
BONK Performance Statistics
Meanwhile, BONK’s market cap was at $1.84B, an increase of 1.55% during the day. This showed the asset’s total circulating supply.
The 24-hour trading volume dropped from $1.25B to $636.74M, marking a 48.69% decline. This reflects reduced short-term trading activity. Its fully diluted value was $2.06B, i.e., the total value if all 88.81T BONK tokens were in circulation.
The circulating supply of BONK stood at 79.18T as of press time. The total and max supply were 88.87T, with minimal inflation risk.
The ratio of the volume-to-market cap was 34.66%. It was quite a good indicator of engaged market operations regarding its valuation.
This combination of metrics implied BONK price was still liquid and well-traded. However, there is a slight cooling of interest in the short term.