BONK Sinks 14% as Institutional Selling Intensifies, Eyes Key $0.000030 Support
BONK, the meme coin built on Solana, plunged 14% over the past 24 hours, declining from $0.000035 to $0.00003096, as institutional holders accelerated liquidations in a risk-off market environment.
Data from CoinDesk Research’s technical model shows BONK faced aggressive selling near $0.000036, triggering heavy resistance. Order book analysis revealed institutional liquidations totaling more than 2.6 trillion tokens at that level, overwhelming buy-side demand.
While brief stabilization emerged overnight near the $0.000031 mark, supported by a decline in sell volume to 1.48 trillion tokens, upward momentum remained weak. The steepest loss occurred between 13:06 and 14:05 UTC on July 29, when BONK dropped roughly 3% in less than an hour.
Algorithmic trading volumes spiked between 13:53–14:03 UTC, likely exacerbating downside pressure via stop-loss triggers. Final-hour trades saw BONK slip from $0.000032 to $0.000031, with over 60 billion tokens exchanged.
Quantitative models now flag increased downside risk. Without renewed institutional demand, BONK may breach $0.000031 support and test the critical psychological threshold at $0.000030.
Technical Breakdown:
- 24-Hour Price Drop: 13.6%
- Range: $0.00003565 high to $0.00003062 low (14.1% intraday swing)
- Resistance: Strong selling at $0.000036 with 2.6T+ tokens offloaded
- Support: Temporary buying interest at $0.000031 (1.48T tokens absorbed)
- Key Event: Sharp 3% fall in one hour on July 29
- Outlook: Bearish bias with downside risk to $0.000030 if support breaks
