BONK Stabilizes After Significant Selling Pressure Impact on Solana's Meme Token
BONK shows resilience as it finds support at a critical level, with institutional interest gauging potential upward movement from its current price zone.
Key Points:
- BONK traded between $0.000023 and $0.000026 over the past 23 hours, finishing at $0.00002448.
- Institutional volumes surged to 4.02 trillion tokens, indicating robust resistance at $0.000026.
- Support at $0.000023 remained intact, with end-of-session buying pushing the price back towards $0.000025.
Solana’s meme token, BONK, navigated a turbulent 24-hour period marked by significant institutional activities that shaped its trading landscape. The token briefly peaked at $0.000026 before hitting resistance, with 4.02 trillion tokens exchanged that highlighted a clear technical ceiling for the short run.
Following this, BONK fell approximately 6%, stabilizing close to $0.000023, where 1.07 trillion tokens changed hands, showcasing strong buying pressure that bolstered the support level that had been tested multiple times.
The token then experienced a slight recovery, increasing about 1% from $0.000024 to $0.00002425. This rebound coincided with notable volume spikes of 21.99 billion and 31.43 billion tokens at 10:48 UTC and 10:49 UTC, respectively, indicating accumulation by larger investors just above prior resistance.
Traders are now confronted with a defined marketplace: resistance holds at $0.000026, with support rooted at $0.000023. A sustained increase above $0.000025 might herald a stronger upward movement, while breaching the lower limit might risk a retest of early-August lows.
BONK’s continuing high liquidity, despite recent fluctuations, cements its stature as a prominent player within the meme coin realm. Institutional engagement has kept the price action closely tied, yet it also escalates the risk of sudden spikes should the order books lighten at pivotal points.
Technical Analysis:
- Trading range: $0.000023–$0.000026 over the 23-hour duration.
- Resistance: Established at $0.000026 after encountering a 4.02 trillion token sell wall.
- Support: Confirmed at $0.000023 with 1.07 trillion tokens traded.
- Price close: At $0.00002448, reflecting a 0.92% decrease within the period.
- Late-session rebound: Escalated from $0.000024 to $0.00002425 (+1%).
- Volume upticks: Observed at 10:48 UTC (21.99B) and 10:49 UTC (31.43B), illustrating substantial accumulation.
- Consolidation zone: Emergent between $0.000024 and $0.000025.
Disclaimer:
Certain portions of this article have been generated using AI tools, with oversight from our editorial team to ensure both accuracy and adherence to our standards.
