BONK, the Solana-based meme token, endured heightened volatility within the final 24 hours, falling 2.9% to $0.00002192. The motion was outlined by a ceiling at $0.00002308 that sellers repeatedly defended, whereas draw back stress constructed steadily, based on CoinDesk Analysis’s technical evaluation knowledge mannequin.
Consolidation round $0.00002262 gave option to an advance towards $0.00002306 within the early U.S. afternoon on Monday, establishing the day’s key resistance level.
The sharpest bearish momentum unfolded throughout the early hours of Tuesday, when BONK slipped from $0.00002285 to $0.00002217 between 01:00 and 05:00 UTC. Volumes surged previous 600 billion tokens on the 03:00 UTC interval, suggesting institutional-scale promoting and attainable retail capitulation.
BONK fell one other 2% to $0.00002117 throughout the U.S. morning Tuesday with intraday declines accompanied by spikes in quantity above 30 billion tokens. Temporary rebounds, together with a restoration try and $0.00002244 at 13:54 UTC, didn’t maintain momentum, leaving BONK locked in a descending channel sample.
Regardless of short-term weak spot, longer-term knowledge signifies selective accumulation. Refined buyers expanded holdings by over 300% up to now month, whilst whale wallets trimmed positions by roughly 110 billion tokens. This divergence factors to strategic positioning amid broader volatility, although technical indicators nonetheless counsel danger of a retest towards the $0.00002100 psychological help stage.
Technical Evaluation
- BONK capped at $0.00002308, serving as key resistance.
- Sharp decline from $0.00002285 to $0.00002217 between 01:00-05:00 UTC on Aug. 19.
- Buying and selling quantity exceeded 600 billion tokens throughout peak promoting exercise at 03:00 UTC.
- Repeated failures to reclaim $0.00002250 confirmed persistent promoting stress.
- Decline of two% from $0.00002251 to $0.00002117 highlighted continued weak spot.
- Temporary restoration to $0.00002244 at 13:54 UTC reversed rapidly, reinforcing descending channel development.
Disclaimer: Components of this text had been generated with the help from AI instruments and reviewed by our editorial group to make sure accuracy and adherence to our requirements. For extra data, see CoinDesk’s full AI Coverage.
