The popular Solana-based memecoin, Bonk (BONK), is experiencing a notable rebound this October 31st. The digital asset posted a 4.6% gain over the last 24 hours. This bullish move halts a recent streak of significant losses. Furthermore, the BONK price recovery coincides with a sharp increase in trader interest.
According to market data, the price of Bonk reached $0.00001394 during the session. This momentum pushed the token to a local high of $0.000013968. However, the most relevant figure is the trading volume. The 24-hour volume surged by 67%, moving 1.15 trillion tokens. This increase in activity suggests strong buying interest at current levels.
This rebound is particularly significant given the recent context. The memecoin was coming off a markedly bearish period. BONK had accumulated a monthly loss exceeding 25%. In fact, just yesterday, the token had registered a daily drop of 7.83%. This negative trend led many analysts to predict further potential declines. Projections pointed toward support levels near $0.00001154.
Therefore, the current rally directly challenges that pessimistic sentiment. Traders are now closely watching the key resistance at $0.00001400. Breaking past this psychological barrier could confirm a short-term trend reversal. Nonetheless, volatility remains a central characteristic of this type of asset.
Is This Bounce the End of BONK’s Correction?
While the 4.6% rise is positive, the sustainability of the move raises questions. The memecoin economy depends heavily on market sentiment. However, underlying factors do support BONK. The token remains a pillar in the Solana ecosystem. Additionally, deflationary burn mechanisms remain active through associated platforms like LetsBonk.fun.
Likewise, recent reports have indicated corporate interest in the asset. The company Safety Shot (NASDAQ: SHOT) previously disclosed holding 2.7% of BONK’s circulating supply. It also announced its goal to increase that stake to 5% by year-end. This type of institutional accumulation may offer long-term price support.
The outlook for BONK is defined by this new test of resistance. Investors are watching to see if the buying volume can be sustained. Surpassing the $0.00001410 level is the next target for the bulls. If it fails, the token could retest the lower supports established during this week’s correction.
