#MarketSentimentToday
Will Whales Buy After a 4% Drop in $BONK ?
The meme token Bonk's price has dropped 4% today, to $0.00002603, coinciding with a 1% overall loss in the cryptocurrency market during the last 24 hours.
BONK has had a significant decline of 19% in the last week and 24% in the past two weeks, however the Solana-based currency has managed to maintain a monthly gain of 7.5%.
Its 8,600% annual growth rate further establishes it as one of the market's most rapidly expanding meme tokens.
It should make a strong recovery shortly after taking a few discounts in the last two weeks.
Since hitting rock bottom yesterday, its RSI (purple) has been steadily rising, and it is now close to 50.
After a steep decline over the last few days, BONK's 30-day average (orange) is starting to level off, suggesting a recovery is on the way.
When you consider that the coin's green support level and red resistance level are getting close to one other, it becomes clear that BONK's recent poor luck could soon be over.
The fact that today's trading volume for BONK was about $300 million, albeit being lower than previous highs, is positive in this regard.
The token's continued popularity bodes well for its potential to bounce back from its recent setbacks.
The market for BONK seems to be holding its own, despite the recent drops, based on the sustained volumes, even if there is no evidence indicating large purchases from whales in the previous several weeks.
