Can LetsBONK.fun token burns drive BONK price up 60% back to its July peak?

BONK price is holding a critical support level, setting the stage for a potential 60% surge as continued token burning reinforces cautiously bullish technicals.

Bonk (BONK) price appears to be staging a reversal following its sharp 40% drop from peak of the recent parabolic rally, which began from the June 22 low of $0.00001143 and peaked at $0.00004075 on July 17, marking a staggering 256% gain. During this pullback, BONK price slipped below the EMA 20 and kept falling until the price bottomed at $0.00002411 on August 2. However, the EMA 20/50 bullish crossover remains intact, signaling continued upward momentum despite this correction.

Source: TradingView

Currently, BONK price is consolidating firmly above the EMA 50. The memecoin‘s price is also holding at a key horizontal level — previously resistance, now acting as support — around $0.000025 – $0.000026. This zone is significant because:

• It marks a prior breakout level where BONK faced multiple rejections in late 2024 and in May this year. The recent rally only took off after this resistance was cleared.
• Volume profile around this zone has historically shown strong accumulation, indicating that buyers consistently stepped in here.
• The EMA 50 is aligning with this range, which adds confluence to the horizontal level and strengthens the case for a potential rebound from it.

If BONK price holds this support and reclaims the EMA 20 at around $0.000028, it would confirm a short-term shift in momentum back to the upside. A clean move above that could trigger a run toward the $0.000032–$0.000035 range, with the July high at $0.00004075 as a potential upside target.

Invalidation would come on a confirmed breakdown below $0.000024 on strong volume, which could open the door to deeper retracements toward $0.000017, where the next structural support lies.

BONK token burning as key catalyst

One fundamental catalyst that can help BONK price launch from this level to previous peaks is the continued burning of BONK tokens. The team just announced that 300 billion BONK was burned from fees generated at LetsBONK.fun, adding significant deflationary pressure at a critical technical support.

According to the platform’s dashboard:

• 50% of all revenue is allocated to Buy/Burn, where BONK tokens are purchased on the open market and permanently removed from supply.
• On August 2, over 141,868.67 SOL was used just for burning, out of a total 283,736.33 SOL in platform revenue — showing that half of the income is actively used to drive deflation.
• With a 24-hour volume of $126.85M and $1.06M in fees generated, BONK continues to benefit from strong trading activity feeding into the burn mechanism.

To sum up, BONK is not just relying on technicals — it’s backed by solid tokenomics. If the burn momentum continues and price reclaims the EMA 20, a move back toward the July 17 peak of $0.00004075 becomes a real possibility. From the current level, this would mark a 60% gain.

Source: revenue.letsbonk.fun