BONK, the Solana-based meme token, posted a sharp 4% drop over the past 24 hours, declining from $0.000035 to $0.000033 amid massive sell pressure and volatile market conditions. With over 2.8 trillion tokens traded, the move underscores mounting resistance and market indecision at key technical levels.
High-Volume Resistance Near $0.000038 Triggers Selloff
The token surged to an early peak of $0.0000377 during the July 22–23 trading window, but resistance intensified near the $0.000038 mark. This price level coincided with a doubling in 24-hour volume, as trading activity spiked above 2.66 trillion tokens, signaling strong overhead supply.
The rejection at $0.000038 created a sharp shift in momentum, leading to continuous intraday selling and broad liquidation.
BONK Slides to $0.000033 With Institutional Volume Spike
Following the peak, BONK retraced to a session low of $0.000033 by 13:00 UTC. The drop was accompanied by a notable surge in transaction activity, with 2.82 trillion tokens changing hands in total. One of the most significant flurries occurred between 13:41 and 13:51 UTC, when over 145 billion tokens traded in minutes, likely reflecting high-frequency repositioning by institutions and market makers.
Such volume clusters often indicate algorithmic rebalancing or profit-taking, particularly near crowded resistance zones.
The $0.000033 level is acting as a near-term support, but BONK’s fate depends on whether buyers step in to defend this zone. A failure to hold above $0.0000325 may lead to a retest of deeper levels near $0.000030.
BONK remains in a volatile consolidation pattern, with technical signals reflecting both fatigue among bulls and opportunistic selling by whales. While volume remains elevated, the lack of sustained upward momentum could pressure BONK further unless the broader Solana ecosystem sees renewed buying interest.
BONK must reclaim the $0.000035 zone with conviction and volume to re-establish a bullish short-term trend.
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.
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