BONK Holds Key Support After Heavy Selling Hits Solana Meme Token

Solana-based meme coin BONK weathered a volatile 24 hours, arsenic important organization enactment defined some the highs and lows of the trading range.

The token reached $0.000026 and rapidly encountered resistance astatine that level, with 4.02 trillion tokens changing hands during a midday rejection that acceptable a wide method ceiling for the abbreviated term, according to CoinDesk Research's method investigation information model.

From there, BONK slipped 6% to find a level adjacent $0.000023, wherever 1.07 trillion tokens traded arsenic buyers absorbed the merchantability pressure. This portion has present emerged arsenic a cardinal enactment level, tested aggregate times without breaking.

BONK subsequently staged a humble recovery, gaining astir 1% from $0.000024 to $0.00002425. The rebound was fueled by crisp measurement spikes astatine 10:48 UTC and 10:49 UTC, 21.99 cardinal and 31.43 cardinal tokens, respectively, suggesting accumulation from larger players conscionable supra anterior resistance.

Traders present look a defined conflict line: absorption remains fixed astatine $0.000026, with enactment anchored astatine $0.000023. A sustained propulsion supra $0.000025 could awesome the opening of a much pronounced upward move, portion a interruption of the little bound risks retesting early-August lows, according to the model.

BONK’s continued precocious liquidity, adjacent amid caller volatility, underscores its presumption arsenic 1 of the much progressive tokens successful the meme coin sector. Institutional participation has kept terms enactment tightly bound, but it has besides accrued the imaginable for abrupt breakouts should bid books bladed astatine cardinal levels.

Technical Analysis

• Trading range: $0.000023–$0.000026 implicit the 23-hour period.
• Resistance locked astatine $0.000026 aft 4.02T token merchantability wall.
• Support confirmed astatine $0.000023 with 1.07T tokens traded.
• Price closed astatine $0.00002448, down 0.92% implicit the period.
• Late-session bounce from $0.000024 to $0.00002425 (+1%).
• Volume spikes astatine 10:48 UTC (21.99B) and 10:49 UTC (31.43B) suggest accumulation.
• Consolidation portion emerging betwixt $0.000024 and $0.000025.

Disclaimer: Parts of this nonfiction were generated with the assistance from AI tools and reviewed by our editorial squad to guarantee accuracy and adherence to our standards. For much information, see CoinDesk's afloat AI Policy.