BONK Sinks 5% as Institutional Liquidation Intensifies

BONK, the Solana-native meme cryptocurrency, declined nearly 5% over the last 24 hours, sliding from $0.000028 to $0.0000266.

Price rejection near $0.000029 during the 16:00 hour was supported by elevated transaction volume of 764.44 billion tokens, a signal of aggressive distribution from larger holders, according to CoinDesk's technical analysis data model.

Support attempts at $0.000026 were bolstered by spikes in trading activity above 1.17 trillion tokens during the midnight and 08:00 UTC intervals, but these inflows proved insufficient to reverse the broader downward trend.

The selloff continued during the European. afternoon, with BONK falling 3% intraday from $0.000026 to $0.0000254, led by volume spikes above 59 billion tokens at 13:54 UTC. This breakdown from the $0.000026 floor has now created a descending channel formation, establishing a new bearish structure with price action drifting toward the psychologically significant $0.000025 zone.

BONK saw a slight recovery during mid-morning in the U.S., lifting to $0.0000275 to repair some of the damage from earlier.

Sentiment remains fragile across the broader crypto market, with introduction of fresh U.S. tariffs on imports creating a "risk-off" sentiment, causing investors to move away from riskier assets like cryptocurrencies. This is a common pattern where global economic uncertainty leads to capital flowing out of more volatile markets.

Technical Analysis

• BONK fell 7% from $0.000028 to $0.000026 over the 24-hour period
• Firm resistance at $0.000029 confirmed by 764.44B tokens in sell volume
• Heavy buying near $0.000026 failed to hold amid 1.17T+ token volume spikes
• 3% drop from $0.000026 to $0.0000254 in final hour, led by 59.77B tokens at 13:54
• Lower highs and a breakdown from the $0.000026 support confirm bearish channel pattern

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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