Sharp Decline as Market Sentiment Sours
The Solana-based meme token BONK plunged 12%, dropping from $0.0000317 to $0.0000276 amid a broader downturn in meme coin markets. The Memecoin Index fell over 8%, signaling widespread profit-taking ahead of the Federal Reserve’s policy meeting.
Key Price Levels & Volatility
- Resistance: Strong selling pressure emerged at $0.0000322, where 1.03 trillion tokens were traded.
- Support: Buyers attempted to stabilize the price near $0.0000280, but large holders continued offloading positions.
- Intraday Volatility: The price swung within a 16% range, reflecting heightened uncertainty.
Spike in Trading Volume Signals Mass Liquidation
Transaction volume surged to 2.59 trillion tokens during peak selling, with the most intense liquidation occurring at 20:00 UTC on July 29. A flash crash between 10:47–10:52 UTC saw a 3.13% drop in just five minutes, with 60.6 billion tokens changing hands.
Market Dynamics & Sell-Side Dominance
- Persistent sell orders overwhelmed buy-side demand, creating an imbalance in liquidity.
- Large holders (whales) appeared to exit positions ahead of potential Fed-driven market turbulence.
Broader Meme Coin Sector Under Pressure
The sell-off extended beyond BONK, with other meme tokens also facing steep declines. Traders remain cautious as:
- Fed policy decisions could impact risk appetite.
- High volatility persists in speculative crypto assets.
What’s Next for BONK?
If $0.0000280 support fails, further downside toward $0.0000250 is possible. However, a rebound could occur if broader crypto markets stabilize post-Fed announcement.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.