BONK experienced a 5.6% price decline over 24 hours, falling to $0.00002161 as sellers broke key support levels despite $716.32 billion in token turnover. This occurred within a broader context where BONK rallied nearly 60% over the past week, fueled by bullish sentiment and technical indicators.
Technical analysis shows repeated rejections at $0.000022-$0.0000222 resistance despite volume spikes exceeding 700 billion tokens. However, underlying fundamentals strengthen through Bonk.fun's dominance – now hosting 55% of Solana token launches with over 200,000 projects and $539 million in daily volume. Platform fees are being redirected toward BONK buybacks and burns, reducing circulating supply.
Market data reveals sustained accumulation patterns, with Arkham showing year-long negative exchange net flows indicating supply drainage. The Elder Ray Index flipped bullish, signaling buyer control, while a potential Golden Cross (50-day EMA nearing 200-day EMA crossover) looms. BONK also broke out of a year-long falling wedge pattern, with critical resistance at $0.00002577-$0.00002840. A breakout could target $0.00003670, though failure to hold $0.00001806 support may invalidate the bullish structure.