BONK price found support at $0.000018 on Wednesday, as the crypto market continued to battle the fallout from escalating tensions between the US and China over trade tariffs. With Solana memecoin markets plunging by another 11.4%, the broader trend appears bearish, posing a significant downside risk for BONK. The latest consolidation phase may offer temporary relief, but the sustainability of this support remains uncertain.
BONK Price Finds Support at $0.000018 After 45% Losses
BONK price stabilized around $0.000018, after an aggressive 45% decline over the past two weeks, reflecting a momentary pause in the sell-off. The steep drop, as seen in the recent trading chart, highlights a broader risk-off sentiment that has gripped the memecoin sector, particularly on the Solana blockchain.
The sharp downturn was exacerbated by weak market confidence, with investors retreating from speculative assets amid growing macroeconomic concerns. BONK’s price chart illustrates a significant downward trajectory from late January, when it was trading above $0.000032. The price action suggests that each attempted recovery was met with aggressive sell-offs, reinforcing the prevailing bearish outlook.
Despite the current support level at $0.000018, the absence of strong buying pressure raises questions about the sustainability of this consolidation. Trading volumes have remained elevated, signaling ongoing market indecision. If BONK fails to garner fresh bullish momentum, the likelihood of a continued downtrend remains high. The memecoin’s sharp decline reflects broader weakness in the sector, with investors showing hesitation in re-entering positions amid ongoing market turbulence.
More Downside Ahead as Memecoin Sector Plunges Further
The Solana memecoin market took another hit on Monday, declining by 11.4%, deepening its month-long bearish trajectory. This sector-wide downturn underscores the fragile state of sentiment surrounding high-risk digital assets. The sell-off has not been limited to BONK alone, as broader memecoins on Solana continue to post double-digit losses, driven by risk aversion and dwindling speculative interest.
Although BONK managed to consolidate slightly, posting a marginal 0.1% uptick in the last 24 hours, it remains vulnerable to further downside pressure. With Solana‘s memecoin ecosystem still trending lower, the probability of renewed selling remains high. This brief pause in BONK’s downward momentum does not necessarily indicate a trend reversal, especially with market sentiment still firmly bearish.
The recent downturn in the Solana memecoin market suggests that investors are pulling out of risk-heavy assets, a sentiment that is unlikely to reverse until a broader recovery emerges. The overall weakness in BONK’s price trajectory suggests that further declines could be on the horizon, particularly if selling pressure persists in the wider memecoin market. If bearish sentiment continues, BONK’s latest support level may not hold for long, setting the stage for further losses in the near term.
BONK Price Forecast: Bulls Risks Further Decline if $0.000017 Support Caves
BONK price forecast chart below shows a 45% decline over the past 14-days, placing the token in a precarious position, currently hovering around $0.000018 level.
The daily chart reveals a steep downtrend, with price action trapped beneath the 50-day and 200-day simple moving averages (SMAs), which sit at $0.00002689 and $0.00002914, respectively. The continued rejection from these levels suggests a persistent bearish grip. A breakdown below $0.000017 could open the door to further downside, potentially dragging BONK toward $0.000015.
Momentum indicators reinforce the bearish case. The MACD histogram deepens into negative territory, while the MACD line remains well below its signal line, indicating worsening selling pressure. Unless a bullish divergence emerges, BONK’s downward trajectory could persist. However, if buyers defend the $0.000017 support and push price back toward the 50-day SMA, a relief rally could be in play. A decisive close above $0.000026 would invalidate the bearish outlook, shifting momentum in favor of bulls. Until then, bears retain control.
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