Bonk (BONK), a meme coin built on Solana, is at risk of further price decline. Currently valued at $0.000019, after dropping from $0.000025, it faces the potential of a 20% decline to $0.000014.
A critical factor is the fall in Bonk's social media mentions, implying diminished market interest and demand. When social dominance decreases alongside price, it indicates that traders may be focusing on other assets.
Moreover, the Chaikin Money Flow (CMF) for BONK is in negative territory, at -0.10, signaling distribution over accumulation and suggesting traders may be taking profits, leading to more potential price declines.
Furthermore, BONK's price is in danger of falling below $0.000019 due to a lack of strong buying pressure, as indicated by decreasing trading volume. The token might drop to a historically weak support level of $0.000017. A previous drop in April saw the price declining further to $0.000014.
However, if meme coins experience a resurgence, BONK could climb back to $0.000024 and potentially reach $0.000032 later in the year.
