BONK dropped 12.5% after failing to break key resistance.
Investors expected a 92% rally, but market sentiment shifted.
BONK now faces bearish conditions with uncertain near-term outlook.
Solana meme coin Bonk (BONK) tumbled by 12.5% to $0.0000214 after failing to surpass key resistance at $0.00002400. Investors had anticipated a 92% surge, but the bullish breakout never materialized.
As sellers moved in, BONK missed its chance for an impressive rally. With market sentiment shifting, the coin's near-term outlook now looks uncertain. BONK faces significant challenges, leaving investors wondering where it will go next.
Rally Stumbles at Critical Point
Investors have been eyeing BONK since early September, driven by positive capital inflows. The Chaikin Money Flow (CMF) indicator reflected growing confidence, hinting at a possible price surge.
Yet, as BONK approached $0.00002400, optimism waned. The CMF indicator showed a downturn, signaling that sentiment had shifted. As selling pressure increased, the coin failed to break through the key resistance.
Market conditions further dampened hopes for a recovery. With broader sentiment turning bearish—as the post below highlights, investors pulled back. BONK’s price lost momentum, sinking instead of soaring.
https://twitter.com/BlockStreetFi/status/1840782656776142853?t=T5FN80jeeP_Vk7NdAWBQ7A&s=19
If the price broke out, BONK might have seen an explosive 92% rally to its all-time high of $0.00004800. However, that didn't happen and the chance faded quickly.
Bitcoin Correlation Declines
The crypto landscape continues to shift, and BONK has struggled to stay afloat. BONK’s correlation with Bitcoin (BTC) fell to 0.48, marking a troubling trend. Altcoins with stronger ties to Bitcoin have benefited from its recovery.
Unfortunately for BONK, this weaker connection leaves it adrift. Lacking Bitcoin’s broader market support, BONK struggles to find independent upward momentum.
Looking ahead, BONK's price action remains tied to key resistance levels.
If the coin fails to hold support at $0.00002153, it risks entering a consolidation phase. That scenario could delay any potential rally, forcing investors to wait for stronger bullish signals.
According to experts, BONK must first break through $0.00002748 to regain strength. By flipping this resistance into support, BONK could exit this bearish zone.
If the crypto market recovers, BONK might reverse course. Until then, investors should watch for any signs of a breakout to determine the next phase in BONK’s trajectory.
The post Bonk Dips 12.5% Following 92% Rally Miss: What’s Next for BONK? appeared first on Crypto News Land.
