BONK Declines 4% Amid Above-Average Volatility in Altcoin Market

The Solana-based memecoin BONK traded under sustained selling pressure on Wednesday, slipping 3.9% over the past 24 hours to $0.00002383.

The token’s price fluctuated sharply during the day, hitting a high of $0.00002486 and a low of $0.00002360. This wide range corresponds to an intraday volatility of 50.3%, significantly above the average for altcoins, according to CoinDesk Research’s technical data.

Attempts to push the price above the resistance zone near $0.00002480 were consistently met with strong selling, limiting upward momentum throughout the session.

Trading volume surged notably during the 21:00 UTC hour on August 5, with 682 billion BONK tokens changing hands. This volume spike coincided with price support near $0.00002360, where buyers repeatedly stepped in to defend the level.

During the European afternoon, BONK staged a modest recovery, rising 0.53% from $0.00002374 to $0.00002387 after dipping to $0.00002361. Trading volume remained elevated during this period, with over 35 billion tokens traded between 13:36 and 14:04 UTC. This activity suggested a combination of institutional buying and short-covering as traders repositioned.

Technical Summary

Volatility: 50.3% intraday range between $0.00002486 and $0.00002360.
Price Movement: 3.9% decline from $0.00002477 to $0.00002383.
Support Level: Volume-supported floor near $0.00002360.
Resistance Level: Persistent selling capped rallies around $0.00002480.
Volume Highlights: 682 billion tokens traded at 21:00 UTC; 35 billion tokens during afternoon rebound.
Market Outlook: Late-session bounce points to a potential short-term shift despite ongoing macro challenges.

BONK’s high volatility and trading volume highlight the ongoing tug-of-war between buyers and sellers, with recent price rebounds indicating tentative optimism amid broader market uncertainty.