cpeditor
Solana-based meme token BONK plunged 14% over the past 24 hours, declining from $0.000035 to $0.00003096 amid heavy institutional selling and elevated market volatility.
According to CoinDesk Research’s technical model, more than 2.6 trillion BONK tokens were liquidated near the $0.000036 resistance level—marking a sharp reversal triggered by large-scale sell orders. Trading volume topped 2.39 trillion tokens as institutional desks repositioned in response to broader risk aversion.
Temporary support formed near $0.000031 overnight, absorbing 1.48 trillion tokens as selling eased. However, bullish momentum failed to gain traction, with the steepest drop—over 3%—occurring between 13:06 and 14:05 UTC.
Quantitative models from high-frequency firms now forecast a potential break below the $0.000031 support zone. Without renewed institutional interest, BONK could test the psychologically important $0.000030 level in the coming sessions.
Key Technical Insights:
- BONK declined 13.6% on the day, ranging between $0.00003565 and $0.00003062.
- Resistance at $0.000036 triggered 2.6T tokens in liquidations.
- Support near $0.000031 absorbed 1.48T tokens, but lacked follow-through.
- Late-session drop from $0.000032 to $0.000031 accompanied by 60B+ tokens traded.
- Algorithmic activity surged between 13:53–14:03 UTC, likely stop-loss driven.
- Momentum indicators suggest further downside risk toward $0.000030.
