Meme Coin Defends $0.000023 Level Despite 6% Drop

Solana-based meme coin BONK weathered a volatile 24 hours, as significant institutional activity defined both the highs and lows of the trading range.

The token reached $0.000026 and quickly encountered resistance at that level, with 4.02 trillion tokens changing hands during a midday rejection that set a clear technical ceiling for the short term, according to CoinDesk Researchs technical analysis data model.

From there, BONK slipped 6% to find a floor near $0.000023, where 1.07 trillion tokens traded as buyers absorbed the sell pressure. This zone has now emerged as a key support level, tested multiple times without breaking.

BONK subsequently staged a modest recovery, gaining roughly 1% from $0.000024 to $0.00002425. The rebound was fueled by sharp volume spikes at 10:48 UTC and 10:49 UTC, 21.99 billion and 31.43 billion tokens, respectively, suggesting accumulation from larger players just above prior resistance.

Traders now face a defined battle line: resistance remains fixed at $0.000026, with support anchored at $0.000023. A sustained push above $0.000025 could signal the beginning of a more pronounced upward move, while a break of the lower bound risks retesting early-August lows, according to the model.

BONKs continued high liquidity, even amid recent volatility, underscores its position as one of the more active tokens in the meme coin sector. Institutional participation has kept price action tightly bound, but it has also increased the potential for sudden breakouts should order books thin at key levels.

Technical Analysis

• Trading range: $0.000023–$0.000026 over the 23-hour period.
• Resistance locked at $0.000026 after 4.02T token sell wall.
• Support confirmed at $0.000023 with 1.07T tokens traded.
• Price closed at $0.00002448, down 0.92% over the period.
• Late-session bounce from $0.000024 to $0.00002425 (+1%).
• Volume spikes at 10:48 UTC (21.99B) and 10:49 UTC (31.43B) suggest accumulation.
• Consolidation zone emerging between $0.000024 and $0.000025.