As the meme coin market grapples with uncertainties, BONK, a Solana-based player, has become the latest casualty in the struggles reminiscent of Dogecoin and Shiba Inu. The once-vibrant market is now shrouded in disappointment, with optimism for a swift recovery fading away as BONK contends with bearish market conditions.

Wednesday marked a significant turning point for BONK as it experienced a substantial correction, leading to substantial losses for traders. The aftermath of this correction was evident in an astonishing $562,000 in long liquidations in a single day. For investors cautiously navigating a sluggish recovery, the fear of continued reluctance to bet on a market rebound now looms large.

Long Liquidations Spark Concerns

Traders' persistent anticipation of a price upswing has given rise to long liquidation events, emerging as a concerning trend. This prolonged series of disappointments is raising red flags, inducing caution among traders, potentially leading them to withhold their wagers. The once-vibrant and optimistic sentiment prevailing in the market is now overshadowed by skepticism and caution.

BONK currently trades at $0.00001185, reflecting an 8.09% decline in the last 24 hours, dangerously hovering close to breaching another support level at $0.00001137. Over the past 7 days, the meme coin has witnessed a decline exceeding 21.74%, relinquishing its psychological support at $0.00001500.

RSI Signals Bearish Outlook

The Relative Strength Index (RSI) languishes persistently below the neutral line, firmly entrenched at 50.0, placing it firmly within the confines of the bearish neutral zone. This foreboding indicator, casting a shadow over market dynamics, hints at the looming potential for a protracted decline extension. If the $0.00001137 support succumbs to pressure, the stark possibility of a steep plunge to $0.00001000 looms ominously on the horizon.

Despite the gloomy scenario, a potential recovery could materialize if the altcoin rebounds from the aforementioned support level. Confirmation of this turnaround would occur when the RSI crosses the neutral line, establishing it as a new support floor. This optimistic outcome would propel BONK's price beyond $0.00001306, effectively challenging the prevailing bearish narrative.

Investors are closely monitoring market developments, waiting anxiously to see if BONK can defy the prevailing trend and stage a remarkable comeback in the challenging meme coin landscape.