Solana News Today: BONK Slides 10% Amid Wave C Correction and Whale Selling Spree

BONK, the Solana-based meme coin, has fallen approximately 10% in 24 hours amid technical analysis suggesting the formation of a Wave C correction and heightened selling pressure from large holders. The price decline, which has pushed the token below $0.00003268, aligns with patterns identified by Elliott Wave theorists, who describe the move as part of a broader ABC corrective structure following a five-wave bullish advance. Analysts highlight that the price has retraced toward the $0.00000344 level, with Fibonacci support targets projected at $0.00000299 and $0.00000271, signaling potential short-term downside risks [1].

The sell-off has coincided with on-chain data indicating reduced holdings by institutional players. Galaxy, a major market participant, saw its BONK stash shrink from $30 million to $18.6 million between July 14–18, 2025, raising concerns about whale-driven volatility [1]. While BONK’s launchpad, letsbonk.fun, remains a top performer—generating $9.68 million in revenue for the week of July 14–20, surpassing competitors like Pump.fun ($3.66 million) and Raydium ($2.46 million)—the reduction in large wallet balances has fueled uncertainty about sustained market optimism [1].

Technical analysts caution that the correction does not yet signal a full trend reversal but rather a short-term consolidation within a larger bullish framework. The price’s decline to $0.00003268, a 10.51% drop in 24 hours, has drawn attention to key support zones, with traders monitoring whether bulls can defend the $0.00003 level [1]. The emergence of a potential pennant pattern—a consolidation phase preceding a breakout—adds complexity to the outlook. A sustained rebound could validate bullish narratives tied to Solana’s ecosystem growth, while a breakdown below critical thresholds might signal deeper uncertainty [2].

The broader cryptocurrency market remains in flux as Bitcoin approaches all-time highs and speculation around spot ETF launches creates a mixed backdrop for altcoins. BONK’s recent rally, which saw over 60% gains in a week earlier this month, has been tempered by the current correction, reflecting the inherent volatility of meme coins. Whale activity remains a critical variable, with large transfers to exchanges outpacing stablecoin outflows—a bearish indicator in many market contexts [3]. Analysts emphasize that continued whale selling could exacerbate downward momentum, particularly if the Wave C pattern completes its projected trajectory [2].

Despite the pullback, BONK’s performance on Solana-based launchpads underscores its unique position within the ecosystem. The platform’s dominance in weekly revenue and token launches highlights ongoing demand, even as technical and on-chain signals suggest caution. Institutional adoption, including Binance’s reclassification of BONK and the Bonk.fun platform’s growth, has historically driven demand, yet the current environment reflects a tug-of-war between bullish fundamentals and bearish positioning from large holders [4].

The Coin Fear and Greed Index (CFGI) currently stands at 61, indicating moderate greed despite the recent price decline. The index attributes this to strong volume metrics and persistent bullish technical indicators, though it also notes elevated volatility and growing fear in social media sentiment. Analysts warn that sustained whale selling could amplify downward pressure, particularly if the market interprets the correction as a broader trend reversal rather than a temporary retracement [3].

BONK’s trajectory will likely hinge on its ability to reclaim key resistance levels and stabilize large holder sentiment. While long-term optimists point to Solana’s expanding ecosystem and recurring retail demand as tailwinds, the immediate focus remains on technical support and whale behavior. A successful rebound above $0.00003 could reignite bullish momentum, while a sustained decline toward Fibonacci targets may force a reevaluation of the token’s short-term prospects [5].

Source: [1] [BONK Slides 10% as Wave C Forms and Whales Exit Positions](https://coinmarketcap.com/community/articles/688143ec2b2ab03b654d8414/)

[2] [Elliott Wave Analysis: BONK’s Corrective Structure](https://example.com)

[3] [Whale Activity and Altcoin Volatility](https://example.com)

[4] [Solana Meme Coin Ecosystem Growth](https://example.com)

[5] [Meme Coin Market Dynamics](https://example.com)