BONK Retreats 8% After Climbing to August High
Main Idea
BONK experienced an 8% decline after reaching an August high, with volatile trading and significant sell-offs, but found stability at a key support level amid news of a potential treasury build by a publicly traded company.
Key Points
1. BONK peaked at $0.00002841 before falling 8% to $0.00002554 during heavy institutional trading.
2. Midday liquidation volumes exceeded 2 trillion tokens during coordinated sell-offs, possibly due to profit-taking by large holders.
3. The token found support at $0.00002620 and briefly recovered after news of Nasdaq-listed Safety Shot's plan to purchase $25 million worth of BONK.
4. Key technical levels include resistance at $0.00002854 and support at $0.00002620, with volatility of 12% over 24 hours.
5. Trading volume spikes ranged from 1.12 to 2.16 trillion tokens during the liquidation phase.
Description
BONK started the week on a volatile note, with the Solana-based memecoin climbing to an August high of $0.00002841 before sliding 8%. The advance marked one of its strongest levels in recent weeks, and was met with swift institutional trading that erased much of the early gains, according to CoinDesk Research's technical analysis data model. Selling pressure accelerated between 11:00 and 13:00 UTC, when trading volumes surged to between 1.12 trillion and 2.16 trillion tokens. This could have bee...
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