BONK, a Solana-based meme token, slid 14% in the last 24 hours, falling from $0.000035 to $0.00003096 . The token experienced elevated volatility, with trading volume exceeding 2.39 trillion BONK, suggesting aggressive repositioning among institutional participants. Market resistance was established early around the $0.000036 level, where sell-side pressure surged, coinciding with order book data showing institutional liquidations totaling more than 2.6 trillion tokens, according to CoinDesk Research's technical analysis data model. Temporary stabilization occurred overnight, with support forming near $0.000031 as sell-side volume cooled to 1.48 trillion tokens, but upward momentum remained limited. The steepest losses came between 13:06 and 14:05 UTC on July 29 as BONK dropped 3%. Quantitative models from high-frequency trading firms suggest further downside could be likely, with momentum signaling a break below the key $0.000031 support threshold. Unless institutional demand emerges, BONK may drift toward the psychologically significant $0.000030 level in the near term. Technical Analysis Highlights Price dropped 13.6% over 24 hours. Trading ranged from $0.00003565 (high) to $0.00003062 (low), a 14.1% swing. Institutional selling spiked above 2.6 trillion tokens near resistance at $0.000036. Temporary support formed around $0.000031 with 1.48 trillion tokens absorbed. Final-hour decline saw BONK fall from $0.000032 to $0.000031, with 60B+ tokens traded. Algorithmic trading volumes surged between 13:53–14:03, a potential sign of stop-loss triggers. Quant models project possible further decline toward $0.000030 if resistance holds. 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 .
