BONK traded under sustained selling pressure on Wednesday falling 3.9% to $0.00002383 in 24 hours.

The Solana-based memecoin swung between a high of $0.00002486 and a low of $0.00002360, a range that translated to 50.3% volatility, well above the altcoin average, according to CoinDesk Research's technical analysis data model.

Multiple attempts to reclaim higher ground were rejected near the $0.00002480 resistance zone, where persistent selling capped intraday rallies.

Volume surged to 682.03 billion tokens during the 21:00 UTC hour on Aug. 5, coinciding with price stabilization near $0.00002360, a level that saw repeated intervention by buyers.

The token saw a sharp 0.53% rebound during the European afternoon on Wednesday, rising from $0.00002374 to $0.00002387. The gain came after the token dipped to $0.00002361. Volume exceeded 35 billion tokens between 13:36 and 14:04 UTC, indicating a blend of institutional accumulation and possible short covering as traders repositioned.

Technical Analysis

• Price Range: 50.3% volatility between $0.00002486 high and $0.00002360 low.
• Session Decline: 3.9% drop from $0.00002477 to $0.00002383.
• Support Zone: Established at $0.00002360 with multiple volume-backed rebounds.
• Resistance Level: Firmly held at $0.00002480 with institutional distribution patterns.
• Volume Highlights: 682.03B tokens traded at 21:00 UTC; 35B+ during 13:36–14:04 bullish reversal.
• Trend Structure: Late-session reversal implies potential shift in short-term sentiment despite persistent macro headwinds.

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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