BONK Sinks 5% as Institutional Liquidation Intensifies
BONK, the Solana-native meme cryptocurrency, declined nearly 5% over the last 24 hours, sliding from $0.000028 to $0.0000266.
Price rejection near $0.000029 during the 16:00 hour was supported by elevated transaction volume of 764.44 billion tokens, a signal of aggressive distribution from larger holders, according to CoinDesk's technical analysis data model.
Support attempts at $0.000026 were bolstered by spikes in trading activity above 1.17 trillion tokens during the midnight and 08:00 UTC intervals, but these inflows proved insufficient to reverse the broader downward trend.
The selloff continued during the European. afternoon, with BONK falling 3% intraday from $0.000026 to $0.0000254, led by volume spikes above 59 billion tokens at 13:54 UTC. This breakdown from the $0.000026 floor has now created a descending channel formation, establishing a new bearish structure with price action drifting toward the psychologically significant $0.000025 zone.
BONK saw a slight recovery during mid-morning in the U.S., lifting to $0.0000275 to repair some of the damage from earlier.
Sentiment remains fragile across the broader crypto market, with introduction of fresh U.S. tariffs on imports creating a "risk-off" sentiment, causing investors to move away from riskier assets like cryptocurrencies. This is a common pattern where global economic uncertainty leads to capital flowing out of more volatile markets.
Technical Analysis
- BONK fell 7% from $0.000028 to $0.000026 over the 24-hour period
- Firm resistance at $0.000029 confirmed by 764.44B tokens in sell volume
- Heavy buying near $0.000026 failed to hold amid 1.17T+ token volume spikes
- 3% drop from $0.000026 to $0.0000254 in final hour, led by 59.77B tokens at 13:54
- Lower highs and a breakdown from the $0.000026 support confirm bearish channel pattern
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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