High Volume and Rejection at Resistance Sends BONK Into Decline
The Solana-based meme coin BONK experienced a sharp decline over the last 24 hours, falling 8.4% to $0.0000345. The token initially showed signs of recovery, rising to an early high of $0.000038, but that move quickly reversed as strong resistance at that level triggered a wave of institutional selling.
Volume spiked to 2.16 trillion tokens, far exceeding the average daily trading volume of 1.46 trillion.
This surge in activity, combined with consistent sell-side dominance, confirmed a market shift from accumulation to distribution. BONK is now trading below its key resistance level at $0.000035, a zone that previously acted as a support base in earlier rallies.
BONK Trading Range and Failed Rebounds Raise Concern
Over the last 24 hours, BONK has traded within an 11% range, swinging between $0.000038 and $0.0000338. Several attempts to recover during the session—particularly around the $0.0000338–$0.0000341 support corridor—were quickly met by renewed selling.
Every bounce was rejected, pointing to overwhelming supply and a lack of sustained buyer interest.
The most notable rejection came at 14:00 UTC, where BONK tried to break through $0.000038, but was pushed back with record-breaking volume, indicating that large wallets and institutional actors were taking profits or exiting positions.
Volume and Timing Confirm Bearish Breakdown
A closer look at trading activity shows that selling pressure peaked between 11:12–11:18 UTC, with over 20 billion tokens traded per minute during that period. These rapid sell-offs disrupted potential bullish momentum and locked BONK into a short-term bearish trend.
Even a late session push to $0.0000354 was quickly sold down, underscoring market hesitation.
Key Support and Resistance Levels for Traders to Watch
- Immediate resistance: $0.0000350
- Major resistance: $0.000038
- Support zone: $0.0000335–$0.0000341
- Breakdown trigger: sustained trading below $0.0000335
Traders Await Clear Direction as Volume Remains Elevated
With BONK facing continued downward pressure and volume remaining exceptionally high, the next few sessions will be critical. Unless fresh buying interest returns, the token risks further declines. For now, the market appears to be in a corrective phase, with the potential for more volatility if Bitcoin or Solana experience major price shifts.
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.