BONK Drops 2.9% as Selling Pressure Increases Amid Volatility
BONK, the Solana-based meme token, experienced volatility with a 2.9% drop to $0.00002192. Key points include:
- Resistance at $0.00002308 defended by sellers.
- Consolidation around $0.00002262 before reaching $0.00002306.
- Decline from $0.00002285 to $0.00002217 occurred between 01:00 and 05:00 UTC.
- Trading volume surpassed 600 billion tokens during peak selling at 03:00 UTC.
- Continued declines led to a further 2% drop to $0.00002117.
- Recovery attempts were unsuccessful, confirming a descending channel pattern.
Despite short-term weakness, sophisticated investors increased holdings by over 300% in the past month, while whale wallets reduced positions by approximately 110 billion tokens. This suggests strategic accumulation amid volatility, though risks remain of testing the $0.00002100 support level.