BONK Token Falls 14% Amid Increased Institutional Selling Pressure
BONK, a meme token on Solana, decreased by 14% in 24 hours, falling to $0.00003096 from $0.000035. Key points include:
- Trading volume surpassed 2.39 trillion BONK, indicating active repositioning by institutional investors.
- Market resistance formed at $0.000036, with over 2.6 trillion tokens liquidated.
- Support was observed near $0.000031 as sell-side volume decreased to 1.48 trillion tokens.
- The most significant decline occurred between 13:06 and 14:05 UTC, with a drop of 3%.
- Quantitative models suggest potential further declines below the $0.000031 support level.
- If institutional demand does not increase, BONK may approach the $0.000030 level soon.
Technical Analysis Highlights
- Price fell 13.6% within 24 hours.
- Trading range varied from $0.00003565 to $0.00003062.
- Institutional selling peaked above 2.6 trillion tokens near the $0.000036 resistance.
- Temporary support around $0.000031 absorbed 1.48 trillion tokens.
- Final hour saw a decline from $0.000032 to $0.000031 with over 60 billion tokens traded.
- Algorithmic trading surged between 13:53–14:03, indicating potential stop-loss triggers.
- Models predict possible decline towards $0.000030 if resistance holds.