BONK Falls 5% to $0.00001223 After Rejection at Key Resistance
BONK, a Solana-based meme token, dropped over 5% to $0.00001213 in the last 24 hours after failing to break resistance at $0.0000130. Trading volume surged by nearly 50% above the 24-hour average, hitting 813.46 billion tokens, as the token faced a sharp rejection at $0.0000130. This confirmed short-term resistance and led to a decline to $0.00001223, where support formed to prevent further losses. Intraday volatility reached 6.6%, with prices fluctuating within a $0.0000086 range. The price was marked by uncertainty and may consolidate between $0.00001223 and $0.00001295 unless higher volume triggers a breakout.
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BONK Faces a 5% Drop Amid Resistance Levels
BONK dropped more than 5% to $0.00001213 over the past 24 hours as the Solana-based meme token failed to sustain momentum above key resistance levels. The decline followed a brief attempt to rally past $0.0000130, which was quickly reversed amid heavy trading activity, according to CoinDesk Research's technical analysis data model.
Volume and Resistance Play Key Roles in Rejection
Volume peaked at 813.46 billion tokens, nearly 50% above the 24-hour average. This surge in activity coincided with BONK’s sharp rejection at the $0.0000130 level, affirming short-term resistance. Following this reversal, the token dipped towards $0.00001223, which established a short-term support level to prevent further decline.
Intraday Volatility and Price Oscillations
Intraday volatility reached 6.6%, with price movements confined within a $0.0000086 range. Hourly data reveals a brief climb from $0.00001280 to $0.00001301, followed by a sharp retracement that erased most of the gains. This pattern highlighted weakening momentum in BONK's price action.
Market Sentiment and Downtrend Continuation
While broader market sentiment stabilized, BONK’s performance underscored the uncertainty typical of meme tokens. The rejection pattern further confirmed the prevailing downtrend, suggesting that consolidation could persist between $0.00001223 and $0.00001295 unless an increase in volume supports a breakout attempt.
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