BONK Investors got Bonked! Will Solana Price Begin With Fresh Inverse Action?

The BONK price incepted the crypto markets with a blast and surged more than 300% in just a few hours. In a very less period, the Solana Shiba-INU-themed BONK gained huge attention which later impacted the SOL price which surged from a single-digit figure to as high as $13.60.

However, the BONK prices have now slashed heavily with the market experiencing a significant pullback along with Solana prices which have dropped by 3.45% and still counting. 

The BONK price has been slashed by more than 70% from its highs in the past few hours, but displaying the possibility of a bullish reversal in the short-term. Therefore, the ascending consolidation may carry out for some time but may certainly not range heavily towards the upper targets situated above 50% from the current levels. Mainly due to the reason that the volume in the half-hourly chart has slumped hard. This denotes the lack of user interest since the early trading hours. 

Presently, the bearish volume has intensified to a large extent and hence the price is also speculated to slice through these pivot levels and drop back towards the single-digit figure very soon. Meanwhile, the Solana price is struggling to hold above the crucial 50-day MA levels in the daily chart which is acting as strong support for the past few days. However, in the 4-hourly chart, the 200-day MA levels are still acting as strong support levels to hold on. 

The price had reached the last point of defence around $7.96 and quickly rebounded to reach the interim high of around $14.14. After it marked the highs, the price is constantly consolidating within a very narrow range, but pointing towards the bottoms. In case of a bearish influence, the 200-day MA levels in the short term could act as a strong support level at $12.35. 

If the Solana price successfully rebounds from these levels, then it may firmly head towards the immediate resistance at $14.94, else may drop below $10 again.