According to CoinDesk reports, the Solana-based memecoin BONK experienced sustained selling pressure on Wednesday, resulting in a 3.9% drop to $0.00002383 within a 24-hour period. The token’s price fluctuated between a high of $0.00002486 and a low of $0.00002360, indicating a 50.3% volatility range that is higher than the average for altcoins.
CoinDesk Research’s technical analysis data model showed that the token faced multiple rejections near the $0.00002480 resistance zone, where persistent selling prevented any significant intraday rallies. However, during the 21:00 UTC hour on August 5, the token saw a surge in volume, reaching 682.03 billion tokens, which coincided with a stabilization in price near the $0.00002360 level. This level saw repeated intervention by buyers, indicating a strong support zone.
Despite the overall decline, the token saw a 0.53% rebound during the European afternoon on Wednesday, rising from $0.00002374 to $0.00002387. This gain came after the token dipped to $0.00002361. The volume during this period exceeded 35 billion tokens, suggesting a mix of institutional accumulation and possible short covering as traders repositioned.
In terms of technical analysis, the price range for BONK showed a 50.3% volatility between the high of $0.00002486 and the low of $0.00002360. The session decline was 3.9%, dropping from $0.00002477 to $0.00002383. The support zone was established at $0.00002360, with multiple volume-backed rebounds. On the other hand, the resistance level was firmly held at $0.00002480, with institutional distribution patterns.
Overall, the late-session reversal and the surge in volume suggest a potential shift in short-term sentiment for BONK, despite the persistent macro headwinds. It is important to note that parts of this article were generated with the assistance of AI tools and have been reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, please refer to CoinDesk’s full AI Policy.
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