For those interested in $BONK, a memecoin on Solana $SOL, it seems to have found support around the current price level at the 0.618 Fibonacci retracement zone. This support appears strong, especially since prices on the 4-hour chart have just crossed the Ichimoku cloud and exited on the other side, which can indicate a trend change.


We also observe that the SSB roughly corresponds to the 0.618 Fibonacci retracement level, further reinforcing this support trend. Another interesting point is that buying volumes are starting to increase significantly. The only negative point to consider is that the Stoch RSI is currently in the overbought zone, which could potentially cause a temporary price drop.

However, with this solid support, it is likely that the price will range while the RSI decreases, then take support on this strong point to rebound. Currently, the price is at a key moment where it touches the downward trend line that has been traced since May 28. This might indicate that the correction is over, although not necessarily. The current price configuration from a technical standpoint is quite interesting and gives a perspective of a potential rebound to watch for, and see if the trend reverses.

Despite the somewhat complicated macroeconomic context of recent days, $BONK has not plunged much lower, which would indicate that we are now in an accumulation zone rather than an intensive selling zone. All these elements confirm a short-term range trend and a medium-term upward trend. It would take very bad economic or macroeconomic news, particularly from the FED, for prices to resume a bearish trend and invalidate my thesis.

It is also important to monitor the RSI, which is currently in the overbought zone. For me, this RSI element is somewhat troubling and makes me hesitate regarding an entry point. If the RSI were low, the entry point would be much clearer.

Please remember to exercise caution and conduct your own research. If you have any questions regarding this analysis, feel free to ask in the comments.

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