Summary
The Solana-based memecoin, BONK, faced increased volatility over a 24-hour period, decreasing by 2.9% to $0.00002192. The trading was characterized by a persistent selling defense at a price ceiling of $0.00002308.
Key Points:
- BONK found itself fluctuating near $0.00002308
- The highest selling pressure occurred at 3:00 UTC on August 19, with over 600 billion tokens traded.
- The token finished the session at $0.00002192, failing to break the $0.00002250 resistance level.
Detailed Background
According to CoinDesk’s analysis, the selling pressure for BONK has been driven by retail capitulation, manifesting as a significant decline from $0.00002285 to $0.00002217 between 01:00 and 05:00 UTC on the same day. A pattern has emerged indicating institutional-scale distribution.
Despite the short-term decrease, longer-term trends show that select investors have increased their holdings by over 300% in the past month, contrasting with larger wallet strategies that have seen a reduction of around 110 billion tokens. This divergence suggests a deliberate positioning amid the ongoing market fluctuations.
Technical Analysis Highlights:
- Resistance established at $0.00002308.
- Significant volume during peak selling activity at 3:00 UTC.
- Continued risk towards support level at $0.00002100.
Disclaimer: Parts of this article incorporated AI assistance and underwent thorough review to align with editorial standards.
