BONK is down 3.8% in the last 24 hours to $0.00001402 as the Solana-based meme coin failed to sustain its recent rally.
After testing the upper range near $0.00001518, the token fell steadily lower throughout the Asian and early European trading hours.
The drop came amid a surge in trading activity, with 1.13 trillion tokens changing hands — 71% above the seven-day average, according to CoinDesk Research’s technical analysis data model.
The increased turnover reflected defensive positioning as traders trimmed exposure following BONK’s repeated failure to hold above the $0.0000146-$0.0000150 resistance band.
Stock action turned decidedly bearish late Wednesday as BONK fell below $0.0000142, confirming renewed near-term weakness.
From a technical standpoint, BONK’s pattern now reflects a descending short-term channel, with lower highs since the peak of the 29th. October and stable support around the $0.0000138–$0.0000140 zone. Momentum indicators remain neutral to bearish, suggesting consolidation rather than immediate recovery. A close above $0.0000143 would be needed to signal renewed upside, while sustained pressure below $0.0000139 could reveal the next downside target near $0.0000137.
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.
