- BONK is clinging to key support at $0.0000095, with bullish patterns on the chart—but bearish market sentiment and low volume are weighing it down.
- A drop below $0.0000088 could trigger a 38% crash, while holding the line might set the stage for a short-term rebound.
- Traders are heavily shorting BONK, with over $271K in short positions compared to just $11K in longs, signaling strong bearish pressure ahead.
Bonk (BONK), Solana’s favorite meme coin, is teetering on the edge—and it’s not looking too hot right now. While the broader crypto market stumbles, BONK is facing what might be a crucial turning point. The vibes are shaky, and if things keep sliding, this meme token could be in for a rough ride.
A Bullish Setup… But Market Sentiment Says Otherwise
Technically speaking? BONK is giving off some bullish signals. There’s a clear double-bottom pattern on the daily chart, and even a bit of bullish divergence sneaking in. It’s hovering near $0.0000095—a level that’s been kind to BONK in the past. Since late 2023, this support has triggered multiple upward moves.
But here’s the catch: the market’s in panic mode. With Bitcoin and Ethereum tanking, smaller caps like BONK are catching the fallout. So even with that promising chart, holding this support could be tricky.
And if it doesn’t? Well, a close below $0.0000088 might send BONK tumbling nearly 38%—possibly landing near $0.0000055, a level that hasn’t been seen in a while. Ouch.
BONK’s Volume Nosedives
As of now, BONK is trading around $0.00000967, slipping more than 5.5% over the last 24 hours. And the trading volume? Down by a whopping 55%. That’s not just a dip—that’s a full-on participation freeze. Less volume often means weaker conviction from buyers… which doesn’t bode well in choppy markets.
Traders Are Betting Big on a Breakdown
According to Coinglass, traders aren’t just nervous—they’re leaning hard into the bearish side. There’s only about $11.3K in long positions stacked around the $0.0000095 support. Meanwhile, up around $0.00001062, short sellers have piled in over $271K in bets against BONK. That’s a massive imbalance.
With bears clearly in control, BONK could be primed for a breakdown unless some serious buying pressure kicks in fast. And right now? That’s looking like a long shot.
So, What’s Next?
If BONK manages to cling to this key support zone, there’s still a glimmer of hope for another meme-fueled rally. But if it slips? Things could get real ugly, real fast.
For now, all eyes are on that $0.0000095 mark. Hold the line, or prepare for the slide.
