BONK plummets: Can it crash even further?

BONK's price is down! Explore the technical analysis, key support levels, and price predictions. Should you sell or buy the dip on BONK?

Written by Simon Dumoulin

Translated on February 2, 2026 at 13:28 by Simon Dumoulin

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BONK Breaks Key Support Amid Risk-Off Environment

The crypto market is going through a phase of risk disengagement, and memecoins are bearing the brunt of the consequences. BONK, the emblem of the Solana ecosystem, has recorded a drop of approximately 18% over one week, illustrating the current fragility of the most speculative assets.

The buyers’ failure to defend intermediate price zones has triggered widespread panic selling. The break of a major support level validates a bearish scenario in the short term, while the explosion in selling volumes suggests possible distribution by whales.

This dynamic reinforces the thesis of an underlying downtrend, already mentioned by several analysts. The weakened market structure significantly reduces the chances of a quick reversal, putting memecoin holders under pressure.

Technical Breakdown and Risk of Further Downleg

From a technical standpoint, BONK is displaying a classic breakdown: the former support becomes resistance, invalidating the bullish consolidation scenario. The momentum indicators show no signs of bullish divergence, confirming the sellers’ dominance.

Rebound attempts are systematically sold off, and the correlation with Bitcoin and Solana amplifies the risk of a deeper pullback if the majors fail to stabilize. The memecoin sector, ultra-volatile by nature, severely punishes late entries.

The central question remains open: technical bounce or final capitulation? Without massive buying volume or a clear catalyst, the path of least resistance remains oriented to the downside. In this context, caution remains the dominant strategy.

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Simon Dumoulin

Passionate about cryptocurrencies since 2019, I cover the latest news through clear and accessible articles. My goal is to make crypto understandable for everyone, with reliable and well-researched content.

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