BONK Holds Key Support After Heavy Selling Hits Solana Meme Token
Main Idea
BONK, a Solana-based meme token, stabilized after testing key support levels, with institutional traders showing interest in potential upside from its current consolidation zone.
Key Points
1. BONK traded between $0.000023 and $0.000026 over 23 hours, closing at $0.00002448.
2. Institutional volumes reached 4.02T tokens at $0.000026, confirming strong resistance.
3. Support at $0.000023 held firm, with late-session buying lifting prices back toward $0.000025.
4. Volume spikes at 10:48 UTC (21.99B) and 10:49 UTC (31.43B) suggest accumulation.
5. A sustained push above $0.000025 could signal a more pronounced upward move, while a break below risks retesting early-August lows.
Description
Solana-based meme coin BONK weathered a volatile 24 hours, as significant institutional activity defined both the highs and lows of the trading range. The token reached $0.000026 and quickly encountered resistance at that level, with 4.02 trillion tokens changing hands during a midday rejection that set a clear technical ceiling for the short term, according to CoinDesk Research's technical analysis data model. From there, BONK slipped 6% to find a floor near $0.000023, where 1.07 trillion token...
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