BONK Price Drops 30% as Market Cap Falls to $1.3 Billion
The meme coin market has declined to $70.05 billion, a 38% drop in the past month, impacting top meme coins significantly. Solana's BONK (#BONK) is experiencing intense selling pressure, with a 30% price decrease over the last week, currently trading at $0.001757 and a market cap of $1.3 billion.
BONK Price Trends
- BONK has seen three consecutive weeks of decline.
- Last week's drop was 29%.
- Current weekly candle shows an 8.81% pullback after reaching a low of $0.00001421.
- BONK's market cap has decreased by 70% in the past 11 weeks.
- Critical support levels are at $0.00001627 (S1 pivot) and $0.000010 (psychological mark).
Potential Recovery
- If market conditions stabilize, BONK could form a morning star pattern for recovery.
- A bullish target could be the S1 pivot at $0.000028, with resistance at $0.000020.
- Analyst Ali Martinez indicates a potential rebound based on the TD Sequential indicator showing a buy signal.
BONK Token Burn Announcement
- Official announcement revealed a burn of 2.025 trillion BONK tokens this year.
- Burn event celebrates the BONK Dragon event and the 2025 Lunar New Year.
- Token burn may reduce supply and boost buying interest, potentially aiding in price recovery.