The meme-based cryptocurrency BONK, built on the Solana 
$84 platform, experienced a decline of approximately 5% over the past 24 hours. This downturn saw BONK’s price decrease from $0.000028 to $0.0000266. The intense selling activity, particularly around the $0.000029 level, was evident as the trading volume reached 764.44 billion tokens, indicating the aggressive sales tactics of large-scale holders, as identified through CoinDesk’s technical analysis model.
Market Movements and Support Levels
During the price drop, attempts to stabilize at $0.000026 were observed. Midnight and morning trading saw a volume exceeding 1.17 trillion tokens. However, despite this notable demand, it was insufficient to reverse the prevalent downtrend. The afternoon trading wave in Europe further exacerbated the decline, shrinking BONK’s price by an additional 3%, falling from $0.000026 to $0.0000254.
At 13:54 UTC, a trading volume of 59.77 billion tokens led to a notable breakdown from these price levels. This ongoing decline is evaluated as forming a new downward channel pattern. Experts suggest that in this scenario, there is potential for the price to target the psychologically significant $0.000025 level.
Impact of Global Developments
Sentiment in the cryptocurrency market remained generally weak. Recent U.S. tariffs on import products have reportedly led investors to adopt more risk-averse positions. Such decisions can reduce interest in risky assets and potentially increase cryptocurrency market exits.
According to CoinDesk sources during significant sell-offs:
“The rapid increase in trading volumes indicates large investors are starting to act more cautiously.”
Experts attribute recent movements in BONK to global uncertainty and cautious investor sentiment. CoinDesk analyses suggest the volatility in BONK is significantly linked to macroeconomic developments.
Technical Analysis Summary
Technical data shows BONK experienced a 7% drop within the last day. Strong resistance was identified at the $0.000029 level, accompanied by substantial selling operations. The purchasing increase towards $0.000026 did not suffice to maintain the price, and the downward trend grew stronger. Analysts argue that with the current channel breaking downwards, BONK’s price movement weakened.
This new market structure has heightened investors’ cautious behavior. BONK’s future trajectory may remain closely tied to both market-specific developments and global economic fluctuations.
