Solana-based memecoin faces volatility amid shifting market flows
The price of BONK (BONK/USDT) has slipped by nearly 3% in the past 24 hours, failing to reclaim a critical resistance level after repeated attempts. The Solana memecoin, known for its high volatility, is now testing lower support levels as retail selling intensifies while selective institutional interest emerges.
BONK recently attempted to push back above the $0.000024–$0.000026 resistance zone, but sellers quickly absorbed the move, leading to another decline. The token is now consolidating near $0.00002170, resting on the green support band highlighted in recent trading sessions.
“The inability to break through resistance after multiple tests is a warning sign,”According to BITX . “With volume profiles showing stronger selling than buying, BONK could continue to face downward pressure in the short term.”
The chart also shows that the brown support zone near $0.00002000 remains the next key level to watch. A breakdown below that area could open the way toward deeper retracements, potentially erasing much of the July rally.
Despite the decline, analysts highlight that institutional buyers have been selectively accumulating BONK, even as retail investors appear to be capitulating. This dynamic has created heightened volatility, with sudden price swings around resistance and support.
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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.