The BONK price opened the crypto markets with a bang and surged over 300% in just a few hours. In a much lower period, the Solana Shiba-INU-themed BONK gained widespread attention, which later affected the price of SOL, which rose from single digits to $13.60.
However, BONK prices have now fallen sharply and the market is experiencing a significant pullback along with Solana prices, which have fallen 3.45% and continue to rise.
The BONK price is down by more than 70% from its highs of the last few hours, but it shows the possibility of a bullish reversal in the short term. So upward consolidation may take place for some time, but it certainly can’t swing much towards upper targets above 50% of current levels. Mainly because the volume on the half hour chart has crashed hard. This denotes the lack of interest of users from the first hours of trading.
Currently, the bearish volume has greatly intensified and therefore there is also speculation that the price will break through these pivot levels and fall back towards the single digits very soon. Meanwhile, the Solana price is struggling to stay above the crucial 50-day MA levels on the daily chart, which is acting as strong support over the past several days. However, on the 4-hour chart, the 200-day MA levels continue to act as strong support levels to hold.
The price had reached the last defense point around $7.96 and quickly rallied to reach the intermediate high around $14.14. After marking the highs, the price is steadily consolidating within a very tight range, but is heading towards the lows. In case of bearish influence, the near-term 200-day MA levels could act as a strong support level at $12.35.
If Solana price successfully bounces from these levels, then it can head firmly towards the immediate resistance at $14.94, otherwise it can drop below $10 again.
This post BONK Investors got drunk! Will Solana Price start with Fresh Inverse Action?
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