Meme token faces selling pressure but buyers step in near demand zone
The Solana-based meme token BONK experienced heightened volatility today, sliding over 6% in early trading before recovering part of the losses. The drop brought prices back to a key support zone around $0.00002400–$0.00002500, where buyers appeared to defend the level.
Technical charts show BONK had been consolidating below the $0.00002800–$0.00002900 resistance zone after a strong rally in July. Today’s decline tested the green-marked demand area, which aligns with a previous breakout level from mid-July.
“The market is retesting a critical support area that has held multiple times in the past,” . “If BONK holds this level, it could set the stage for another rebound toward recent highs.”
On the 4-hour chart, BONK has maintained a higher-low structure since breaking out of a descending wedge pattern in late June. The recent pullback comes after a sharp rejection from the red supply zone, indicating that sellers are still active near overhead resistance.
Trading volume spiked during the sell-off, but buying activity increased as prices neared support — a sign that short-term traders may be positioning for a bounce. Failure to hold this green support band could see BONK revisit the $0.00001800–$0.00001900 range, highlighted as the next major demand zone in historical price action.
Outlook
BONK’s near-term direction will likely depend on whether bulls can defend current support. A successful hold could lead to a retest of the $0.00002800 resistance, while a breakdown might trigger a deeper correction.
With meme coins often driven by sentiment and speculative flows, market psychology will play a crucial role in BONK’s next move. For now, all eyes are on whether the token can sustain above this critical technical floor.
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.