BONK has been on a roll after its memecoin launchpad, LetsBonk, overtook its competitor Pump.fun and captured the first title as the top Solana-based launchpad. On Sunday, LetsBonk overtook Pump.fun, and ever since then, it has been leading the way. LetsBONK overtook its rival, and the gap between the two kept on increasing. By Sunday afternoon Eastern time, the launchpad made roughly 15,600 token deployments in 24 hours, while its competitor, Pump.fun had launched only 11,500.
At press time, BONK is trading at $0.00002257 after gaining almost 63% within the last week. BONK reached this price after more than a month. On the 2-hour chart, BONK is trading inside a bullish channel rebounding off the upper and lower trendlines.
Since the bullish channel is not formed fully, BONK may continue to move diagonally in a zig-zag path. As BONK is currently close to the lower trendline, it could gain value and move toward $0.00002345 level.
On the daily chart, BONK was descending inside a falling wedge. After completing the falling wedge pattern, the memecoin appreciated drastically, testing the 0.000023 level once again after more than a month. At press time, the Bollinger bands indicate that BONK is overbought, and there is a high chance that the price could retrace. In the event BONK retraces, it could look for support near $0.000020 level.
