BONK is trading at $0.000002803 with $135.75 million in 24-hour volume, yet recent sales of 800 billion tokens from its treasury wallet are casting a long shadow over a possible breakout scenario. This wallet, holding 4.426 trillion BONK tokens, continues to offload massive amounts, keeping selling pressure elevated despite technical signs hinting at a bullish reversal.
The token’s price action is currently confined within a falling wedge, a pattern often signaling weakening bearish momentum and potential upside if buyers manage to push past upper resistance with strong volume. Crypto analyst Crypto With Gopal highlights that repeated support levels point to persistent buyer activity, while declining selling pressure might suggest readiness for a trend shift. However, the significant treasury wallet liquidations have so far prevented BONK from recovering, with the price down approximately 40% since early July.
Traders face a dilemma: the technical setup implies a breakout could propel BONK toward $0.00000350, but the continuous dump from a whale wallet restrains upward momentum. The market remains cautious as the token lingers in an accumulation phase, awaiting a decisive trigger. Should BONK break out with convincing volume, it could attract new participants and ignite bullish sentiment, yet the treasury’s remaining large holdings keep the risk of further downside alive.
The broader crypto market’s neutral stance and potential Bitcoin price moves may also influence BONK’s trajectory. Until the treasury wallet’s selling abates or is absorbed, investors should weigh the risks carefully. This scenario exemplifies how large token holders can impact price recovery even when technical indicators look promising.
This content is for informational purposes and does not constitute financial advice.
