Bonk (BONK) price prediction: If it breaks through the $0.000040 key resistance level, it is expected to challenge the historical high.

As a leading Crypto Asset in the Solana ecosystem, Bonk has risen by 158% in the past 30 days, thanks to the emergence of LetsBonk (Bonk.fun), a platform focused on the issuance and launch of Meme coins, directly competing with Pumpfun.

Bonk. fun platform promotes Token issuance reduction, fee income surges

According to official data from Bonk.fun, the platform's fee revenue grew by 215% in July, with monthly revenue exceeding $30 million. Half of the platform's revenue is used to purchase BONK at the current market price for destruction. This rapid growth in revenue has been exponential since the platform's launch in April this year.

On-chain data shows that LetsBonk has surpassed Pumpfun in market share, now accounting for over 64% of the token issuance on the Solana platform, while Pumpfun's market share has decreased from 90% to 24%. This change in market share is primarily due to the rise of LetsBonk and competitors like Launch Labs.

Pumpfun price drops, BONK price welcomes upward space

As the competitive pressure from LetsBonk increases, the price of Pumpfun's native asset—PUMP has experienced a significant decline, reflecting a decrease in market interest in the platform. However, Bonk continues to attract a large number of investors due to its platform's success, especially with the support of its growing fee revenue and burn mechanism, which is reducing the supply of tokens, thereby providing support for its price.

BONK may break historical highs

According to CoinMarketCap data, PUMP has fallen by 51.8% in the past 30 days, in stark contrast to the 158% rise achieved by BONK in the same period. This price trend indicates that Bonk has entered a consolidation phase after experiencing a significant pump, currently rising from $0.000022 to $0.00003249, although it is still 45% away from its all-time high of $0.00005916.

The market capitalization of Bonk has reached $2.85 billion. If $25 million worth of BONK is burned every month, it means that about 1% of the circulating supply will be destroyed every 30 days, which has a positive impact on the price trend and further drives upward momentum.

Technical Analysis: Bullish Flag Pattern Formation

On the 4-hour chart, Bonk's latest price movement has formed a bullish flag pattern. This pattern typically indicates that the price may experience a significant rise in the near future. If the breakout is confirmed, the price could soar considerably.

The Relative Strength Index (RSI) also confirmed this consolidation pattern, showing instability over the past few days. Similarly, the 9-day and 21-day Exponential Moving Averages (EMA) have compressed into a tight range.

To confirm the breakout, the price needs to surpass the level of $0.000040, accompanied by significant trading volume. The maximum size of the flag is typically used to estimate the rise potential, and in this market, the previous rise was 90%. If a more conservative estimate of 50% is taken, BONK could potentially rise to $0.00005700 in the coming weeks, thereby breaking its all-time high.

Conclusion The strong performance of Bonk (BONK) and the success of the LetsBonk platform have driven market interest in this token. As the burning mechanism continues, the supply of Bonk will decrease, supporting a price rise. If the price breaks through key technical resistance levels, Bonk is expected to surpass its historical high, bringing greater returns for investors.