Overview
BONK, the meme cryptocurrency tied to the Solana network, has seen a 6% decline in price, testing the crucial support level at $0.000024. Previous resistance was noted near the $0.000027 mark, but the price has faced considerable selling pressure.
Current Analysis
- BONK dropped sharply from $0.00002606 to $0.00002436, indicating a trading range of approximately 10% during the last 24 hours.
- The downturn accelerated on August 11, coinciding with a notable spike in trading volume, reaching 1.13 trillion tokens.
What Went Wrong?
The failure to maintain upward momentum near $0.000027 resulted in heightened selling activity, shifting the focus towards the support line.
BONK-USD, August 12 2025
Source: CoinDesk
Technical Insights
- Trading Range: $0.00002398 - $0.00002674
- Resistance Level: Faced multiple rejections near $0.000027
- Support: Solid base at $0.000024 with significant volume during trades
Recent Developments
Selling pressure persisted into the morning of August 12, with strong activity noted around $0.000024. However, some buyers entered the market early, resulting in a smaller recovery.
Conclusion
The volatility observed reflects broader market dynamics, particularly in the realm of meme coins and highlights the ongoing challenges faced by BONK in stabilizing its price amidst fluctuating demand.
