BONK fell 3.9% to $0.00001223 on Wednesday as the memecoin slipped below key support levels amid a sharp increase in trading activity.

The token traded between $0.00001279 and $0.00001198, a wide 42% intraday range that reflected persistent technical weakness rather than any clear fundamental catalyst, according to CoinDesk Research's technical analysis data model.

Trading volumes peaked at 1.07 trillion tokens, nearly double the 24-hour average. That spike aligned with a clean breakdown through $0.00001211, a support level that had held throughout the previous week. The breach established $0.00001200 as the next psychological floor while converting the $0.00001226–$0.00001257 zone into immediate overhead resistance.

Intraday data shows BONK drifting lower from $0.00001237 to $0.00001220, with clustered volume bursts at 13:42 (55.1B) and 14:00 (76.8B) confirming continued distribution. Attempts to recover toward prior support stalled quickly, and diminishing trade sizes in the final hour suggested limited appetite for reversals.

With the token still trading close to its newly formed lower boundary, the next directional move hinges on whether BONK can reclaim the $0.00001226–$0.00001230 band with decisive volume. Failure to do so increases the likelihood of a retest of $0.00001200, a level that now anchors the short-term outlook.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.