BONK (BONK) Price Prediction: What to Expect from the Memecoin in July

The token's value slipped below $0.000020 support as some market participants placed the BONK price prediction at bearish targets

BONK has been consolidating within a pennant since 14 July.

The price seemed to be awaiting a breakout from this pattern, with a key resistance level at $0.00002940.

A breakout could lead to a potential surge in BONK’s price.

However, failure to break through this resistance could result in a pullback.

Investors are closely monitoring this resistance level, as it has been tested multiple times.

According to Coinglass, there has been a trend of decreasing social volume.

This correlated with its recent short-term correction before the recent 10% rally.

BONK’s whale activity also registered a hike.

The percentage of supply by big players with more than $5 million stood at 52% at press time.

This may be a sign of a potentially significant move, especially as they have a lot of significance on the market’s direction.

Liquidation data from Coinglass revealed moderate liquidation levels for BONK’s price.

This suggested that the market is balanced, without excessive leverage.

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