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.
BONK Price Action, Feb 5, 2025 | Source: TradingView
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.
Solana Memecoin Sector Performance | Feb 5, 2025 | Source: Coingecko
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
