BONK has fallen 3.8% to $0.00001402 over the past 24 hours as the Solana-based meme coin failed to maintain its recent rebound.
After testing the upper limit near $0.00001518, the token dropped steadily lower during Asian and early European trading hours.
The decline came amid a surge in trading activity, with 1.13 trillion tokens changing hands – 71% more than the seven-day average, according to CoinDesk Research’s technical analysis data model.
The increased turnover reflects defensive positioning as traders reduced risk after BONK’s repeated failure to hold above the $0.0000146-$0.0000150 resistance band.
Price action turned decisively bearish late Wednesday night when BONK slipped below $0.0000142, confirming short-term weakness.
From a technical perspective, BONK’s pattern now reflects a falling short-term channel, with lower highs since the October 29 peak and stable support around the $0.0000138-$0.0000140 area. Momentum indicators remain bearish neutral, suggesting consolidation rather than an immediate correction. A close above $0.0000143 would be needed to signal renewed bullishness, while sustained pressure below $0.0000139 could highlight the next downside target near $0.0000137.
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