BONK Jumps 10%—Can the Memecoin Actually Hit $0.00002 This Time?

Another day, another memecoin pump—but BONK’s latest surge has traders wondering if this joke has legs. The Solana-based token ripped past resistance levels, flirting with a psychological barrier that’s crushed rallies before.

Key drivers? Speculative froth in altcoins, a few well-timed influencer shills, and the eternal hope that ’this time is different.’ Meanwhile, Bitcoin maximalists are rolling their eyes so hard you can hear it through the blockchain.

Will it hold? Who knows—but watching degens chase the next zero is way more entertaining than staring at traditional finance’s 2% ’high-yield’ savings accounts.

Source: TradingView

Stochastic RSI hints at potential reversal

Technicals also align with this bullish outlook.

The Stochastic RSI sat in an oversold region, as seen on the daily chart. This points to BONK’s reducing selling pressure and increased likelihood for a potential reversal.

If BONK’s current bullish momentum holds, the wedge pattern may give way to a bullish breakout in the short run.

On-chain metrics lean bullish

On-chain metrics are in favor of BONK bulls. According to AMBCrypto’s analysis on CoinGlass data, the memecoin’s Weighted Funding Rates stayed neutral, between 0% and 0.02%, throughout the consolidation.

The lack of over-leverage lowers the chances of violent liquidations disrupting a rally.

Source: CoinGlass

Also adding strength to the bullish argument are Liquidation Heatmaps.

There are numerous liquidity clusters above the $0.00002 mark, which are points where the price can accelerate very fast if bulls manage to break this psychological resistance.

Source: CoinGlass

With price holding firm at wedge support, reversal signals flashing, and liquidity stacking above, the setup leans bullish.

A breakout above $0.00002 could open the floodgates for BONK to test new resistance levels.