Memecoin Holds Key Support After Pullback From August High

BONK started the week on a volatile note, with the Solana-based memecoin climbing to an August high of $0.00002841 before sliding 8%.

The advance marked one of its strongest levels in recent weeks, and was met with swift institutional trading that erased much of the early gains, according to CoinDesk Research’s technical analysis data model.

Selling pressure accelerated between 11:00 and 13:00 UTC, when trading volumes surged to between 1.12 trillion and 2.16 trillion tokens. This could have been down to coordinated profit-taking, with large holders rotating out of positions. The sell-off drove BONK down 8% to a low of $0.00002554, a move that tested the key technical support near $0.00002620.

The token saw a brief recovery at around 13:00 UTC following news a publicly traded company appeared to be planning on building a BONK treasury. Nasdaq-listed health beverage company Safety Shot (SHOT) agreed to purchase $25 million worth of the memecoin in exchange for offering $35 million of SHOT shares to BONK’s founding contributors.

While overhead resistance at $0.00002854 remains the primary technical barrier, BONK’s ability to hold support and recover from heavy selling may provide the foundation for renewed upside momentum if positive market sentiment continues.

Technical Analysis

• Price Range: $0.00002554 to $0.00002841 over 24 hours (12% volatility).
• Resistance: $0.00002854 level confirmed as sell zone.
• Support: Critical $0.00002620 level held during sell-off.
• Volume Spikes: 1.12–2.16 trillion tokens traded during liquidation.
• Recovery Channel: Higher lows at $0.00002565, $0.00002572, $0.00002570.
• Breakout Trigger: $0.00002632 level cleared on 49.5B token surge.
• Trend Signal: 8% drop followed by 2% rebound suggests potential base building.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.