Solana-based memecoin BONK traded under persistent selling pressure on Wednesday, dropping 3.9% over 24 hours to close at $0.00002383.
The token’s price fluctuated sharply between a high of $0.00002486 and a low of $0.00002360, registering a notable intraday volatility of 50.3% — significantly above the altcoin average, according to CoinDesk Research’s technical analysis.
Repeated attempts to break through resistance near $0.00002480 failed, as selling pressure capped any upward momentum throughout the session.
Volume surged during the 21:00 UTC hour on August 5, with 682 billion tokens traded. This spike coincided with price stabilization near $0.00002360, where buyers actively defended support.
In the European afternoon session, BONK rebounded modestly, gaining 0.53% from $0.00002374 to $0.00002387 after briefly dipping to $0.00002361. Volume remained elevated during the 13:36–14:04 UTC window, exceeding 35 billion tokens, suggesting a combination of institutional accumulation and short-covering as traders adjusted positions.
Key Technical Highlights
- Volatility: 50.3% price range between $0.00002486 and $0.00002360.
- Price Movement: 3.9% decline from $0.00002477 to $0.00002383 during the session.
- Support Level: Volume-supported floor around $0.00002360.
- Resistance Level: Strong selling capped rallies near $0.00002480.
- Volume Activity: 682 billion tokens traded at 21:00 UTC; 35+ billion tokens during afternoon rebound.
- Outlook: Late-session bounce hints at a possible short-term shift in momentum despite broader market challenges.
BONK’s volatile trading and elevated volume highlight the ongoing tussle between buyers and sellers, with recent price recoveries suggesting tentative optimism in an uncertain market environment.
