BONK traded under sustained selling pressure on Wednesday in 24 hours.

The Solana-based memecoin swung between a high of $0.00002486 and a low of $0.00002360, a range that translated to 50.3% volatility, well above the altcoin average, according to CoinDesk Research's technical analysis data model.

Multiple attempts to reclaim higher ground were rejected near the $0.00002480 resistance zone, where persistent selling capped intraday rallies.

Volume surged to 682.03 billion tokens during the 21:00 UTC hour on Aug. 5, coinciding with price stabilization near $0.00002360, a level that saw repeated intervention by buyers.

The token saw a sharp 0.53% rebound during the European afternoon on Wednesday, rising from $0.00002374 to $0.00002387. The gain came after the token dipped to $0.00002361. Volume exceeded 35 billion tokens between 13:36 and 14:04 UTC, indicating a blend of institutional accumulation and possible short covering as traders repositioned.

Technical Analysis

• Price Range: 50.3% volatility between $0.00002486 high and $0.00002360 low.
• Session Decline: 3.9% drop from $0.00002477 to $0.00002383.
• Support Zone: Established at $0.00002360 with multiple volume-backed rebounds.
• Resistance Level: Firmly held at $0.00002480 with institutional distribution patterns.
• Volume Highlights: 682.03B tokens traded at 21:00 UTC; 35B+ during 13:36–14:04 bullish reversal.
• Trend Structure: Late-session reversal implies potential shift in short-term sentiment despite persistent macro headwinds.

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