BONK tumbled 5.6% in the past 24 hours, falling $0.00002161 after a wave of selling pressure reversed earlier gains and broke through key support zones. Despite the near-term pullback, underlying ecosystem developments continue to support a broader bullish narrative.
Attempts to reclaim $0.000022 between 20:00 UTC-21:00 UTC faltered despite 716.32 billion tokens in turnover, signaling deepening bearish control.
However, beneath the surface, BONK’s foundations are strengthening. Bonk.fun platform, closely tied to the token, has surged to dominance – accounting for 55% of Solana token launches. Over 200,000 projects have launched on the platform, generating 24-hour trading volume of $539 million on Tuesday.
Millions in platform fees are being redirected toward BONK buybacks and burns, reducing supply and reinforcing value. Community sentiment on X (formerly Twitter) reflects this shift, with users increasingly framing Bonk.fun’s ascent as a structural market share rotation in favor of BONK.
While there may be continued selling pressure in the short term, BONK’s expanding ecosystem utility and aggressive tokenomics suggests deeper resilience – and potential upside – beyond the immediate chart.
Technical Analysis Highlights
- BONK dropped 6% from $0.000023 to $0.00002161 over 23 hours.
- $0.000023 was rejected with a 752.4 billion volume surge at 18:00 UTC.
- Multiple failed bounces at $0.000022 despite 716.32 billion in turnover confirmed weakening support.
- Price tested the $0.000021–$0.000022 zone repeatedly, now acting as a new base.
- Short rally from 08:55-09:54 UTC reached $0.000022, with a 43.08 billion spike at 09:44.
- Resistance at $0.000022–$0.0000222 remains intact, keeping BONK in a tight range.
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.