BONK fell 3.8% over the past 24 hours to $0.00001402 as the Solana-based meme coin failed to maintain its recent rebound.
After testing the upper range near $0.00001518, the token fell steadily during the first hours of trading in Asia and Europe.
The decline occurred amid increased trading activity, with 1.13 trillion tokens changing hands, 71% higher than the seven-day average, according to CoinDesk Research’s technical analysis data model.
The increase in turnover reflects defensive positioning as traders reduced their exposure following BONK’s repeated failure to hold above the $0.0000146 to $0.0000150 resistance band.
Price action turned decidedly bearish on Wednesday evening when BONK fell below $0.0000142, confirming further near-term weakness.
From a technical perspective, BONK’s pattern now reflects a short-term descending channel, with lower highs from the October 29 high and stable support around the $0.0000138-0.0000140 area. Momentum indicators remain neutral to bearish, suggesting consolidation rather than an immediate recovery. A close above $0.0000143 would be needed to signal further upside, while sustained pressure below $0.0000139 could expose the next downside target near $0.0000137.
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.
