BONK Tests Support Levels After High-Volume Drop

BONK has endured heavy selling pressure during the last 24 hours, with the Solana-based meme token falling 4% from $0.000035 to $0.000033. A volatile trading range of $0.000014 defined the session as investors digested elevated valuations and market-wide positioning shifts.

The asset reached an early peak of $0.0000377 at 02:00 UTC, but efforts to extend higher were met with pronounced resistance around the $0.000038 level. This price ceiling coincided with a significant surge in trading activity, with volume climbing above 2.66 trillion tokens, more than double the 24-hour average, according to CoinDesk's technical analysis data model.

That inflection point catalyzed a swift directional shift, leading to persistent selling throughout the day.

By 13:00 UTC, BONK had slipped to $0.000033, marking the day’s low. During this decline, token turnover reached 2.82 trillion, confirming elevated participation and heightened volatility. The most notable activity emerged during the 13:41–13:51 UTC window, when trading volume surged past 145 billion tokens over several minutes, signaling intense short-term repositioning by high-volume traders and institutions.

The move coincided with a broader pullback across the crypto asset class. Leading altcoins such as SOL, ADA, and DOGE also faced declining momentum as investors locked in gains from earlier rallies.

Technical resistance across major benchmarks, including ETH and BTC, contributed to sector-wide rebalancing—particularly among high-beta assets like BONK, which had previously outperformed. This retracement phase appears to reflect a temporary market cooldown rather than a fundamental shift in sentiment.

Technical Analysis

• Price dropped 4% from $0.000035 to $0.000033 between July 22 and July 23.
• Intraday trading range spanned $0.000014.
• Resistance formed at $0.000038 with 2.66 trillion tokens traded at peak.
• Volume peaked at 2.82 trillion tokens during the move to a low of $0.00003278.
• Notable spike: 145B+ tokens traded in the 10-minute stretch from 13:41–13:51 UTC.

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.