Investors cautiously watch for potential upward movement or selling pressures.
The memecoin BONK, operating on the Solana $180 blockchain, experienced a 1.7% increase in the last 24 hours. According to technical analysis data compiled by CoinDesk Research, the token’s price fluctuated between $0.00002485 and $0.00002645. During this period, the spread of transactions was recorded at a price range of $0.00000160.
ContentsMarket Volume and Price MovementsMarket Trends and Technical Developments Market Volume and Price Movements
On August 7 at 16:00 UTC, BONK’s price began recovering from its lowest point and approached its peak during the European morning hours. Despite above-average daily volumes with total transaction volume exceeding 1.09 trillion tokens, strong sell orders at the $0.00002640 level limited the price’s upward movement.
The token managed to mostly maintain above the $0.00002600 level despite short-term pullbacks. An increase in volume by 48.86 billion tokens at 12:07 UTC coincided with an attempt to surpass $0.00002615; however, this attempt failed, reaffirming the established resistance point.
Currently, BONK’s price is observed to be trading sideways below $0.00002630. Investors are focused on whether the token will break upwards shortly or face new selling pressures.
Market Trends and Technical Developments
A cautious stance was prominent in the overall memecoin market. Due to general volatility in the cryptocurrency market, investors were more prudent in their actions. Observations indicate that institutional investors are turning towards more established assets.
The price movements in BONK revealed active buyers in the $0.00002550 to $0.00002600 range. Although the price occasionally dipped below this range for short periods, it mostly showed recovery.
CoinDesk Research evaluated, “The high volatility and concentration of buy orders in the $0.00002580-$0.00002610 range indicate significant liquidity at this point.”
Technically, it was noted that the price repeatedly pulled back from the $0.00002640 level, where resistance formed. Additionally, during the day, the price encountered lower peaks after approaching its summit.
It is stated that price movements could oscillate around these levels shortly, with investors tracking transactions in the resistance area for a sustainable upward movement. Maintaining existing support is considered crucial for potential new purchases.
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