The Solana-based memecoin BONK faced continued selling pressure on Wednesday, falling 3.9% over the course of 24 hours to close at $0.00002383.
During the trading session, BONK’s price swung between a high of $0.00002486 and a low of $0.00002360, resulting in a volatility of 50.3%, well above the average for altcoins, according to CoinDesk Research’s technical analysis.
Attempts to push the price above the resistance zone near $0.00002480 were repeatedly rejected, as persistent selling capped any intraday rallies.
A surge in trading volume occurred during the 21:00 UTC hour on August 5, with 682 billion tokens changing hands. This spike coincided with price stabilization around $0.00002360, where buyers consistently defended support levels.
Later in the European afternoon session, BONK bounced back by 0.53%, rising from $0.00002374 to $0.00002387 following a dip to $0.00002361. Trading volume was notably high during the 13:36 to 14:04 UTC window, exceeding 35 billion tokens, signaling a mix of institutional accumulation and short-covering as traders adjusted their positions.
Technical Highlights
- Volatility: 50.3% price range between $0.00002486 and $0.00002360 intraday.
- Price Movement: Declined 3.9% from $0.00002477 to $0.00002383 during the session.
- Support: Solid volume-backed support at $0.00002360.
- Resistance: Strong resistance around $0.00002480, with signs of institutional selling pressure.
- Volume: Spike of 682 billion tokens at 21:00 UTC; over 35 billion tokens traded during the afternoon rebound.
- Outlook: The late-session bounce suggests a possible shift in short-term momentum despite broader market headwinds.
Overall, BONK’s high volatility and trading volume reflect an active battle between buyers and sellers, with recent rebounds hinting at cautious optimism in an otherwise challenging market environment.
