BONK’s daily chart has been plummeting as the moving averages solidify into a bearish alignment. The token fell approximately 6.5% over the last 24 hours, pushing the daily RSI to 25.64 and into extreme oversold territory. This sharp decline isn't just a standard market correction; it is largely driven by the deposit and sale of 400 billion BONK on Coinbase—a portion of the 4.4 trillion tokens stolen via a previous governance exploit. With the ADX trend strength indicator also rising to 28.11, the downward trend is accelerating, making it difficult to anticipate a rebound solely based on oversold signals.

In the futures market, open interest has surged by 30% over the last two days, and funding rates have dropped to -0.057%, signaling a massive influx of short positions. Approximately 2.4 trillion tokens remain in the attacker's wallet, acting as potential selling pressure, while liquidity has been further constrained by deposit suspensions on domestic exchanges like Upbit and Bithumb. While a temporary rebound is possible given the overcrowding of short positions, it will be difficult to reverse the bearish trend until the daily candle closes above the 20-day EMA and selling pressure subsides. For now, a conservative approach is recommended, with a focus on tracking further deposits from the attacker’s address and monitoring whether domestic exchanges resume deposits.