suffered a sharp decline early in the week, plunging 11% to $0.00001232 as the Solana-based meme token fell below critical support.
The decline erased much of last week’s gains, confirming a short-term bearish shift, according to CoinDesk Research’s technical analysis data model.
After falling from $0.000014 to $0.000013, BONK plunged more than 6% to around $0.0000121 in a span of 30 minutes during the European afternoon.
The 24-hour trading range extended from $0.00001252 to $0.00001434, reflecting intraday volatility of 8.5% as the memecoin reversed from early gains. Strong selling pressure emerged around 03:00 GMT, when volume surged to 964.3 billion tokens, a 46% jump above the daily average. This break below support at $0.0000137 solidified the bearish tone, with resistance reestablished near $0.0000144, the rejection zone from the previous week.
After consolidating between $0.0000129 and $0.0000131, BONK briefly rebounded 5.3% to $0.00001309 during the late session recovery attempt. A near-term build near $0.0000131 suggests traders are testing support, although momentum has quickly faded. This muted tracking underscores continued caution as volumes have fallen below their prior highs.
Technically, BONK remains under pressure while stuck below its $0.0000137 resistance band. The trend toward lower highs and narrower range consolidation indicates an ongoing distribution phase. Traders are watching if the token can hold above $0.0000129 – the current support floor – to avoid a deeper decline. A decisive move above $0.0000137 would be required to re-establish a bullish base and reverse the current trend.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial team for accuracy and compliance. our standards. For more information, see CoinDesk Comprehensive AI Policy.
