BONK Slides 10% as Wave C Forms and Whales Exit Positions

• BONK’s wave C correction targets key Fibonacci retracement support levels.
• Galaxy reduced BONK holdings, raising short-term sell-off concerns.
• BONK’s launchpad revenue outpaced all Solana-based platforms last week.

BONK is showing signs of a pullback following its recent rally. The price has dipped sharply, raising questions about a potential short-term trend shift. Despite current selling pressure, chart analysts suggest the broader structure remains bullish. Meanwhile, BONK continues to lead Solana-based launchpad revenues, even amid rising concerns over whale activity.

Elliott Wave Suggests Ongoing Correction

BONK’s price action is currently aligned with Elliott Wave Theory. Analysts report a completed five-wave advance, now followed by what appears to be a corrective ABC pattern. 

After peaking at $0.00000399, the price has retraced toward the $0.00000344 level, likely forming wave B of the correction. The projected wave C could take BONK lower, with Fibonacci support levels identified at $0.00000299 and $0.00000271.

Despite the downside targets, analysts clarify the correction does not confirm a full trend reversal. They describe it as a “bonk-style” wave (C) a short-term retracement within a bullish macro trend. 

At press time, BONK trades at $0.00003268, showing a 10.51% drop in the past 24 hours. Traders are closely watching price behavior near key support zones to determine the next move.

Whale Activity Triggers Sell-Off Concerns

On-chain data from SolanaFloor highlights BONK’s strong performance on its launchpad, letsbonk.fun. For the week of July 14–20, 2025, the platform generated $9.68 million in revenue. This surpassed competitors like Pump.fun ($3.66 million) and Raydium ($2.46 million), placing BONK at the top of Solana-based launchpads for the second week in a row.

However, analysts are monitoring large wallet activity closely. On July 18, Galaxy acquired $30 million worth of BONK, according to blockchain data. This holding later dropped to $18.6 million, raising concerns about possible whale-driven volatility. While BONK maintains strong launchpad metrics and trading volume, the reduction in large holdings has sparked fear of continued selling pressure.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.