BONK, one of the more volatile digital assets in recent weeks, has seen a sharp price correction. The token fell by 8.67% in the past 24 hours, amplifying its recent losses and raising concerns about the strength of market support. Despite this steep drop, analysts are watching a key technical level that could offer a potential lifeline.

The token’s latest drop contrasts starkly with its recent monthly performance, where BONK surged more than 41%. The dramatic shift in momentum suggests that bullish optimism is fading—though a crucial support zone may still offer a path to recovery.

According to recent price chart analysis, BONK is fast approaching a high-interest demand zone. This level, ranging between $0.00001546 and $0.00001405, is historically associated with significant buyer interest. Traders often identify such zones as potential springboards for upward price action—provided enough buying momentum enters the market at these levels.

However, the current market sentiment makes this recovery far from guaranteed. If BONK fails to hold within this demand pocket, further losses could follow. Analysts have identified potential support zones at $0.00001178, $0.00001043, and as low as $0.00000888 in the event of a deeper pullback.

Liquidity maps offer further insight into possible short-term price movements. According to Coinglass, BONK is currently hovering around dense liquidity clusters between $0.000016 and $0.00001448. These zones are often magnets for price action, particularly during periods of heightened volatility, but they don’t necessarily determine direction.

To better understand whether BONK can bounce from this level, market momentum metrics are key. The Taker Buy/Sell Ratio, which compares the volume of long and short trades, paints a bearish picture. Currently, the ratio stands at 0.8457, with 54.18% of traders taking short positions compared to just 45.82% going long. This imbalance suggests that market participants are positioning for further downside.

Liquidation data reinforces this view. Over the past 24 hours, $205,000 in long positions were liquidated—compared to just $1,990 in short liquidations. Such a large disparity often indicates that bullish traders are being aggressively flushed out of the market, a trend typically seen in highly bearish environments.

Despite these headwinds, there is one potential silver lining. Spot market activity around BONK remains surprisingly strong. According to CoinGlass, $2.55 million in daily spot purchases were recorded at press time. Over the past week alone, BONK saw $18.63 million in purchases—the highest weekly inflow since late January.

This suggests that while leveraged traders are struggling, spot buyers are stepping in—potentially positioning for long-term gains or expecting a technical bounce from the demand zone. If this spot accumulation continues as BONK enters the support zone, it could serve as the foundation for a short-term rally or at least a stabilization phase.

Still, this rebound scenario hinges on sustained buyer interest. Without a marked increase in daily active traders and transaction volume, BONK’s potential upside remains limited. Technical support zones offer opportunities, but they require real market participation to trigger any meaningful reversal.

In conclusion, BONK’s recent drop highlights the ongoing fragility of crypto market sentiment. While the asset has entered a key demand zone that could attract buyers and ignite a rebound, bearish momentum and high liquidation rates pose serious challenges. Only if spot market strength persists and broader sentiment improves will BONK be able to mount a credible comeback.