BONK fell 3.9% to $0.00001223 on Wednesday as memecoin fell below key support levels amid a surge in trading activity.
The token is trading between $0.00001279 and $0.00001198, a wide intraday range of 42% that reflects continued technical weakness rather than a clear fundamental catalyst, according to CoinDesk Research’s technical analysis data model.
Trading volumes peaked at 1.07 trillion tokens, nearly double the 24-hour average. This spike corresponds to a clean break at $0.00001211, a support level that had held throughout the previous week. The breach established $0.00001200 as the next psychological bottom while converting the $0.00001226 – $0.00001257 area into immediate overhead resistance.
Intraday data shows BONK declined from $0.00001237 to $0.00001220, with clustered volume increases at 1:42 p.m. (55.1 billion) and 2:00 p.m. (76.8 billion) confirming continued distribution. Attempts to recover towards prior support quickly stalled, and the decrease in trade size over the past hour suggested a limited appetite for reversals.
While the token is still trading near its new lower boundary, the next directional move depends on BONK’s ability to reclaim the $0.00001226 to $0.00001230 band with decisive volume. Failure to do so increases the likelihood of a retest of $0.00001200, a level that now anchors the near-term outlook.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance. our standards. For more information, see CoinDesk Comprehensive AI Policy.
