BONK has decreased by 3.8% over the past 24 hours, trading at $0.00001402, as the Solana-based meme token struggled to maintain its recent upswing.
After reaching the upper limit near $0.00001518, the token experienced a steady decline during the Asian and early European trading sessions.
This drop coincided with a spike in trading volume, with 1.13 trillion tokens traded—71% higher than the seven-day average, as per CoinDesk Research’s technical analysis.
The increased trading activity showed that traders were taking a defensive stance, reducing exposure after BONK’s repeated inability to stay above the $0.0000146–$0.0000150 resistance zone.
The price trend turned notably bearish late Wednesday when BONK fell below $0.0000142, signaling renewed short-term weakness.
From a technical perspective, BONK’s chart now illustrates a descending short-term channel, with lower highs following the peak on October 29 and stable support around the $0.0000138–$0.0000140 area. Momentum indicators suggest a neutral-to-bearish outlook, indicating potential consolidation rather than immediate recovery. A close above $0.0000143 would indicate a chance for a rebound, while sustained pressure below $0.0000139 could lead to the next downside target of around $0.0000137.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
