BONK, the Solana-based memecoin, fell below $0.00001000 ahead of a dYdX governance vote, with elevated trading volumes pointing to heightened positioning activity.
Over the past 24 hours, BONK dropped 3.94% to $0.000009492. Earlier, the token attempted to test resistance at $0.000010273, where volume surged 137% above the 24-hour average to 1.61 trillion tokens, according to CoinDesk Research. The rally failed to hold, reversing into lower highs and breaking multiple support levels.
By the close, BONK stabilized near $0.000009380, though recovery was limited. The Dec. 11 vote on integrating BONK into the dYdX Chain has drawn market attention. If approved, BONK would receive 50% of protocol trading fees for developing a dedicated frontend, boosting its utility.
Resistance at $0.000010273 and support at $0.000009380 define a temporary equilibrium. Volume trends indicate positioning activity rather than strong directional conviction, leaving BONK vulnerable until it retakes levels above $0.000009600.
