BONK saw sharp downside pressure, falling 8.4% to $0.0000345 amid a wave of sustained selling that reversed early bullish momentum.
The Solana-based meme token had initially rallied to $0.000038, but fierce resistance at that level triggered a steep retracement supported by exceptionally high volume of 2.16 trillion tokens, according to CoinDesk's technical analysis data model.
BONK has traded within a $0.0000042 range with multiple failed attempts to reclaim lost ground. The price was rejected from $0.000038 around 14:00 UTC on Thursday record-breaking volume, igniting a cascading selloff that established a declining trend through the following day.
Despite intermittent rebounds - especially near the $0.0000338–$0.0000341 support corridor - each bounce was met with renewed selling, pointing to heavy institutional distribution.
Intermittent volume spikes confirmed sustained downward pressure even as the broader crypto market moved sideways.
BONK did surge to an intraday high of $0.0000354 at 10:50 UTC before encountering fresh sell walls, retreating to $0.0000345.
With BONK now trading beneath key resistance at $0.0000350 and high-volume breakdowns confirming trend reversal, traders are eyeing support retests near $0.0000335, with caution warranted unless strong buying interest re-emerges.
Technical Analysis Highlights
-
BONK fell 8.4% from $0.0000375 to $0.0000345 during the July 17–18
-
Price ranged $0.0000042 (11%) with a peak at $0.000038 and trough near $0.0000338.
-
Resistance confirmed at $0.000038 with high-volume rejection at 14:00 UTC.
-
Volume spiked to 2.16 trillion tokens, well above the 1.46T 24-hour average.
-
Support clustered around $0.0000338–$0.0000341, with brief rebounds.
-
Final hour saw failed breakout to $0.0000354 followed by sharp decline.
-
Selling pressure intensified during 11:12–11:18 UTC with over 20B tokens/minute traded.
-
Current price: $0.0000345, maintaining bearish structure under short-term resistance.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
