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2 min readβ€’ August 13th

BONK Tests Critical $0.000024 Support After 6% Slide

BONK faces technical pressure as the Solana memecoin tests crucial support levels following rejection at resistance, with high-volume trading signaling potential volatility ahead.

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Key takeaways

πŸ“‰ Support Test: BONK fell 6% to test $0.000024 support after repeated rejections near $0.000027, finding firm support around this level on 889 billion tokens traded.

πŸ“Š Volume Surge: The heaviest selling pressure came at 12:52 UTC, when a sharp decline accompanied a 38-billion-token volume spike, indicating institutional distribution.

πŸ”„ Recovery Attempt: BONK reversed by 1% during the U.S. morning, slipping from $0.000027 to $0.00002646, suggesting buyer interest at support.

⚑ Trading Range: The token traded within a 4% range, with a high of $0.00002645 and a low of $0.00002485.

🎯 Key Levels: BONK had previously retested the resistance at $0.000015 while aiming to break out, however that attempt faced rejection.

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Deep dive

The volatility comes after Nasdaq-listed Safety Shot disclosed a $25 million allocation to the token's ecosystem via Bonk.fun's launchpad platform, which underscores institutional interest in the project.

The rebound from support levels during U.S. morning hours signaled possible short-term stabilization after the extended drawdown, though profit-taking by larger holders continues.

The high-volume rejection at resistance suggests institutional players are actively managing positions around these key technical levels.

Disclaimer: This article may contain content generated or assisted by AI, based on information from public sources. While we aim for accuracy, no content should be taken as financial or trading advice. Always do your own research and consult a professional before making investment decisions. Markets are volatile and involve risk.

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