BONK Tests Support Levels After High-Volume Drop

BONK posted steep intraday losses with 2.8 trillion-token turnover as resistance intensified at higher price levels. BONK has endured heavy selling pressure during the last 24 hours, with the Solana-based meme token falling 4% from $0.000035 to $0.000033. A volatile trading range of $0.000014 defined the session as investors digested elevated valuations and market-wide positioning shifts. The asset reached an early peak of $0.0000377 at 02:00 UTC, but efforts to extend higher were met with pronounced resistance around the $0.000038 level. This price ceiling coincided with a significant surge in trading activity, with volume climbing above 2.66 trillion tokens, more than double the 24-hour average, according to CoinDesk's technical analysis data model. That inflection point catalyzed a swift directional shift, leading to persistent selling throughout the day. By 13:00 UTC, BONK had slipped to $0.000033, marking the day’s low. During this decline, token turnover reached 2.82 trillion, confirming elevated participation and heightened volatility. The most notable activity emerged during the 13:41–13:51 UTC window, when trading volume surged past 145 billion tokens over several minutes, signaling intense short-term repositioning by high-volume traders and institutions. The move coincided with a broader pullback across the crypto asset class. Leading altcoins such as SOL, ADA, and DOGE also faced declining momentum as investors locked in gains from earlier rallies. Technical resistance across major benchmarks, including ETH and BTC, contributed to sector-wide rebalancing—particularly among high-beta assets like BONK, which had previously outperformed. This retracement phase appears to reflect a temporary market cooldown rather than a fundamental shift in sentiment. 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. Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE. CoinDesk Analytics is CoinDesk's AI-powered tool that, with the help of human reporters, generates market data analysis, price movement reports, and financial content focused on cryptocurrency and blockchain markets. All content produced by CoinDesk Analytics is undergoes human editing by CoinDesk's editorial team before publication. The tool synthesizes market data and information from CoinDesk Data and other sources to create timely market reports, with all external sources clearly attributed within each article. CoinDesk Analytics operates under CoinDesk's AI content guidelines, which prioritize accuracy, transparency, and editorial oversight. Learn more about CoinDesk's approach to AI-generated content in our AI policy. https://www.coindesk.com/markets/2025/07/23/bonk-tests-support-levels-after-high-volume-drop #crypto #bitcoin #ethereum #cryptocurrency #news #blockchain #litecoin #cryptonews #cryptonewstoday #cryptoworld #cryptonewstoday ***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST ENTERTAINMENT! This information is what was found publicly on the internet. This information could’ve been doctored or misrepresented by the internet. All information is meant for public awareness and is public domain. This information is not intended to slander harm or defame any of the actors involved but to show what was said through their social media accounts. Please take this information and do your own research. bitcoin, blockchain, crypto, cryptocurrency, altcoin, investment, ethereum, bitcoin crash, xrp, cardano, ripple