BONK Tumbles 14% as Big Players Exit Positions in Cautious Market
Solana meme token BONK plunged 14% over the last 24 hours, sliding from $0.000035 to $0.00003096 as institutional investors offloaded large positions amid mounting risk aversion in the crypto market.
According to CoinDesk Research’s technical analysis, BONK’s trading volume surged to more than 2.39 trillion tokens, with significant selling concentrated near the $0.000036 resistance level. On-chain and order book data showed over 2.6 trillion tokens were liquidated by large holders, driving the price sharply lower.
Support briefly formed around $0.000031 during overnight trading as sell-side volume fell to 1.48 trillion tokens, but bullish momentum remained muted.
The steepest decline occurred between 13:06 and 14:05 UTC on July 29, with the token losing 3% during that hour. High-frequency trading algorithms appear to have triggered additional downward pressure, especially during a brief volume spike between 13:53 and 14:03 UTC.
Quantitative models now suggest further downside risk if BONK fails to hold the $0.000031 level. A break below this support could send prices toward $0.000030 — a key psychological threshold.
Technical Summary:
- 24-hour price drop: 13.6%
- Daily range: $0.00003565 (high) to $0.00003062 (low)
- Major resistance at $0.000036 triggered institutional selling
- Temporary support near $0.000031 absorbed 1.48 trillion tokens
- Final-hour decline: $0.000032 to $0.000031 on 60B+ tokens traded
- Quant models flag potential slide to $0.000030 if support fails
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