suffered a sharp decline at the start of the week, falling 11% to $0.00001232 as the Solana-based meme token fell through critical support.
The drop erased much of last week’s gains, confirming a near-term bearish shift, according to CoinDesk Research’s technical analysis data model.
After falling from $0.000014 to $0.000013, BONK fell over 6% to around $0.0000121 in 30 minutes during the European afternoon.
The 24-hour trading range spanned $0.00001252 to $0.00001434, reflecting 8.5% intraday volatility as the memecoin reversed early gains. A strong selling pressure occurred around 03:00 GMT as volume rose to 964.3 billion tokens, a 46% jump over the daily average. This breakdown below $0.0000137 support reinforced the bearish tone, with resistance re-established near $0.0000144, the previous week’s rejection zone.
After consolidating between $0.0000129 and $0.0000131, BONK briefly rallied 5.3% to $0.00001309 as it attempted to recover in the late session. Short-term accumulation near $0.0000131 suggested traders were testing support, although momentum quickly dissipated. The muted follow-through underscores continued caution as volumes fell below their previous highs.
Technically, BONK remains under pressure while trapped below its resistance band at $0.0000137. The pattern of consolidating lower highs and narrowing the range points to an ongoing distribution phase. Traders are watching to see if the token can hold above $0.0000129 – the current support floor – to avoid a deeper slide. A decisive move above $0.0000137 would be needed to re-establish bullish footing and reverse the current trend.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial staff to ensure accuracy and compliance with our standards. For more information, see CoinDesk’s full AI policy.
