The BONK token shows short-term growth but faces selling pressure and competition from other meme coins.
BONK's Short-Term Upswing
The BONK token has shown a 7.05% rise in the day; however, the positive momentum is disrupted by short-term selling and competition from other tokens. On a weekly basis, the token recorded a 19.09% increase, but daily charts indicate a slight decline of 1.47%. Market expectations reflect both enthusiasm for recent developments and pressure from other meme coins.
Pressure from Profit-Taking
The rise above $0.000023 led to profit-taking by short-term traders. Trading volumes began to decline, indicating limited buying strength. Nevertheless, resistance levels in the range of $0.000024–$0.000025 become critical for further growth. Failure to close above this range has led to market fluctuations.
Meme Coin Competition
Currently, rival tokens like WIF and RTX are drawing investor attention, reducing the speculative interest in BONK. Concurrently, there is emerging fatigue among audiences towards dog-themed tokens. Issues in the market have also amplified skepticism regarding the long-term positions of BONK. Despite integrations within the Solana ecosystem and the active development of projects, future volatility will remain under competitive pressure.
The status of the BONK token is under pressure from profit-taking and competition from other meme coins, creating uncertainty about its future development.
