BONK Memecoin Drops 13.25% Amid Market Selling Pressure

BONK, a memecoin, has experienced a significant decline in the past day, with a 13.25% drop in value. This decline is attributed to increased selling pressure across the market. The asset's next move hinges on a key support level marked on the chart. If this level is breached, BONK could decline by 25.80% to $0.00001043. However, if buying sentiment remains strong, BONK could reverse course and rally by 71.26% to $0.00002655, with a short-term bullish target at $0.00002076. It is also possible that the price consolidates within this level, indicating an accumulation phase for the memecoin. Given the broader price structure remains bullish, BONK could continue moving upward from here.

Currently, BONK’s market sentiment remains largely bullish. Spot traders are leading the bullish momentum, purchasing $1.77 million worth of BONK and moving the tokens into private wallets for likely long-term holding. This buying activity aligns with BONK trading into the market support level, suggesting that most traders are leaning bullish and driving the market in that direction. Additionally, derivatives activity has intensified, with Open Interest climbing to $22 million, a level last seen in December 2024. Paired with stable Funding Rates, the data supports a bullish market structure, further validating upside potential.

AMBCrypto’s analysis shows that BONK’s fall coincided with a drop in both the Relative Strength Index (RSI) and the Chaikin Money Flow (CMF). The RSI, a momentum indicator that operates on a scale from 0 to 100 to evaluate market trends, had dropped to 59.29 at the time of analysis. This decline reflects the presence of bearish pressure but is likely a temporary correction, as the RSI remained within the bullish zone between 50 and 70. Additionally, the CMF, which measures buying and selling pressure over a period based on price and volume, stood at a neutral reading of 0.00 at press time. This metric will be important to watch, as it may determine BONK’s next direction. If CMF trends upward, it implies that buying activity has resumed, and BONK may continue to rise, supporting the earlier bullish outlook. If it trends downward instead, it could signal a bearish continuation.