BONK Declines 5% Amid Increased Selling Pressure from Larger Holders
BONK, the Solana-native meme cryptocurrency, declined nearly 5% in 24 hours, moving from $0.000028 to $0.0000266. Key points include:
- Price rejection at $0.000029 with a transaction volume of 764.44 billion tokens indicating distribution by larger holders.
- Attempts to support at $0.000026 saw trading activity above 1.17 trillion tokens but failed to reverse the downward trend.
- A 3% drop occurred intraday, falling from $0.000026 to $0.0000254 due to a spike of over 59 billion tokens at 13:54 UTC.
- The formation of a descending channel suggests a bearish structure, with prices nearing the significant level of $0.000025.
- A slight recovery was noted, bringing BONK to $0.0000275 during mid-morning U.S. trading.
- Overall market sentiment is fragile due to new U.S. tariffs causing investors to pull back from riskier assets like cryptocurrencies.
Technical Analysis
- BONK fell 7% from $0.000028 to $0.000026 over the last 24 hours.
- Resistance at $0.000029 confirmed by 764.44 billion tokens in sell volume.
- Buying near $0.000026 could not sustain amid spikes of over 1.17 trillion tokens.
- A 3% decline from $0.000026 to $0.0000254 was led by 59.77 billion tokens.
- Lower highs and breakdown from $0.000026 support confirm a bearish channel pattern.