While the volatility in the crypto market continued without slowing down, the popular breast coin of Solana ecosystem took a major blow. With the launch of Trump Token, the liquidity flow withdrew from Bonk and the volume of transaction fell 80 %. This shows that the hopes of rise began to extinguish, while the technical analysis worries about investors.
The bonc price has risen, but the danger is still great
Bonk, which lost 30 %value last week, gave a 9 %rise in the last three days and gave signals of recovery. This sudden return took place when some investors saw the fall as an opportunity to recruit.
However, it remains unclear whether this rise is sustainable. Although Solana -based breast coins have recently received great interest, pressures on the bond continues. Investors are particularly focused on ETF news for Solana ecosystem. If positive developments occur, the price may enter a more powerful recovery process.
Trump Token’s shadow
The launch of Trump Token’s release caused a great jolt in the Solana ecosystem. Reaching a market value of 12 billion dollars only 24 hours after the launch, Trump seized Bonk’s market leadership. Currently, Trump Token’s market value remained at the level of 4.9 billion dollars, while the bond decreased to $ 1.8 billion. This dramatic change has made a harsh decline in the transaction volume of Bonk. On January 19, 1.2 billion bonc token was traded, while on January 31, this number fell to 220 million.
Loss of liquidity poses a major risk for bonc. Decreased transaction volume may cause weakening of price movements and an obstacle to a major rise. If the interest in Trump token continues, new bottom levels may be seen in the bonc price.
Technical Analysis: Double Foot Formation and Critical Levels
According to technical analysis, the price is currently a classic double foot formation. This formation may theoretically a trend return signal and indicate a potential rise. However, considering the market conditions, it remains unclear whether the rise will continue. The price is currently watching 0.000024 and it is difficult to exceed 0.000026 VWAP resistance. If this level is strongly broken, it may be possible for the price to rise to 0.000034 level.
On the other hand, if the support of 0.000024 is broken, the decrease tendency may continue and the price may decrease to 0.00002128 levels. The current 9 %recovery does not have enough trading volume, which creates question marks as to whether the rise is sustainable.
What to do Bonk investors?
Currently, the most critical point for this coin investors is how long the Trump Token effect will last. If the investor interest turns to Bonk again, the price can recover again. However, if the decrease in the process volume and the weak liquidity pressure persists, the sales pressure on the price in the short term may increase.
As a result, investors should closely monitor the critical levels in the price of the bond. It seems difficult to talk about a strong rise without exceeding the 0.000026 level. If this resistance cannot be broken, a new wave of decrease may be inevitable.
