Memecoin enters key support zone amid rising price instability
BONK, the Solana-based memecoin, experienced a 4% intraday decline, trading around $0.0000242 at the time of writing. Despite its recent parabolic rise, the asset is now showing signs of fatigue, with volatility levels exceeding the altcoin average. In just a single session, BONK recorded a price spread of nearly 50%, suggesting an unstable short-term outlook.
After peaking near $0.00004400, BONK retraced sharply, losing key ground in the past week. The asset is currently hovering around a significant support zone between $0.00002400 and $0.00002550, previously a resistance area during its June rally.
“The market is clearly reacting to BONK’s overheated momentum,” noted a technical analyst familiar with high-beta tokens. “This correction is natural, but whether support holds here will determine the trend over the next few sessions.”
The green zone now being tested aligns with a prior breakout level, making it a technically relevant area for potential buyers. A failure to hold this level could send the price back toward the mid-range support around $0.00001900, which served as a base for the last breakout.
“Memecoins often see exaggerated swings, but BONK’s current volatility levels are elevated even by those standards,” added a quantitative trader tracking altcoin flows. “The next 24–48 hours are likely to remain choppy unless we see a clean reclaim of $0.00002700.”
Above the current price, the red resistance band around $0.00002800 is the key to watch for any short-term bullish reversal. Volume indicators are declining, suggesting buyer momentum is weakening for now.
While BONK remains one of the most actively traded memecoins, the technical setup suggests caution. Traders should monitor whether support holds, or if a deeper retracement unfolds.
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.
