BONK Sees 4% Drop with Volatility Outpacing Average Altcoin Levels

The Solana-based memecoin BONK faced steady selling pressure on Wednesday, declining 3.9% over the past 24 hours to $0.00002383.

Throughout the session, BONK’s price oscillated between a high of $0.00002486 and a low of $0.00002360, resulting in an intraday volatility of 50.3% — markedly higher than the average for altcoins, according to CoinDesk Research’s technical analysis.

Efforts to breach resistance near $0.00002480 were repeatedly thwarted by sellers, capping any upward momentum during the trading day.

Volume spiked notably during the 21:00 UTC hour on August 5, with 682 billion tokens traded as the price found support around $0.00002360, where buyers actively defended the level.

Later, during the European afternoon session, BONK staged a modest recovery, rising 0.53% from $0.00002374 to $0.00002387 after dipping to $0.00002361. The rebound was accompanied by a volume surge exceeding 35 billion tokens between 13:36 and 14:04 UTC, signaling a mix of institutional buying and short-covering as traders adjusted their positions.

Technical Overview

• Price Range: 50.3% volatility between $0.00002486 and $0.00002360.
• Session Decline: 3.9% drop from $0.00002477 to $0.00002383.
• Support: Strong volume-backed support around $0.00002360.
• Resistance: Sellers consistently capped rallies near $0.00002480.
• Volume Highlights: 682 billion tokens traded at 21:00 UTC; 35+ billion during afternoon rebound.
• Market Sentiment: Late-session bounce suggests a potential shift in short-term momentum despite prevailing macro headwinds.

BONK’s volatile price action and surging volume reflect a fierce battle between buyers and sellers, with recent rebounds hinting at cautious optimism amid a challenging crypto landscape.