BONK Drops Below Key Support as Distribution Accelerates
Solana-based meme token BONK declined by nearly 5% over the past 24 hours, slipping from $0.000028 to $0.0000266, as traders rotated out of risk assets amid renewed macro uncertainty.
The selloff began near the $0.000029 resistance level during the 16:00 UTC hour, where volume surged to 764.44 billion tokens — a signal of distribution by larger players, according to CoinDesk’s technical model.
Efforts to hold the $0.000026 level were met with strong buying interest, with cumulative volume topping 1.17 trillion tokens during the midnight and 08:00 UTC sessions. However, the inflows failed to reverse the downtrend.
By early afternoon in Europe, BONK fell another 3% intraday to $0.0000254, following a spike in trading activity of nearly 60 billion tokens at 13:54 UTC. This drop marked a clean break below the $0.000026 support and confirmed a descending channel — a bearish pattern suggesting further downside potential.
BONK briefly rebounded to $0.0000275 during mid-U.S. hours but lacked the momentum to sustain a recovery.
The move came amid broader market risk aversion, driven by new U.S. import tariffs that have pushed investors toward safer assets. As typical during periods of economic stress, capital has begun exiting high-volatility sectors such as crypto.
Technical Overview
- BONK declined 7% from $0.000028 to $0.000026 over 24 hours
- Resistance at $0.000029 confirmed with 764.44B in sell volume
- Heavy buying at $0.000026 (1.17T+ tokens) failed to hold support
- Intraday drop to $0.0000254 triggered by 59.77B token volume
- Breakdown confirms descending channel; short-term trend remains bearish
