BONK has emerged as one of the latest market losers.

BONK could face a 23% decline after breaking below a key support level on the chart. Liquidity outflows from the market, combined with technical indicators, reinforce the bearish outlook.

Bonk [BONK] joined the list of major decliners in the past day. According to CoinMarketCap, the asset led the market with an 8% drop.

Analysis shows that the decline could deepen in upcoming trading sessions after breaching a crucial support level. Liquidity indicators also warn that further losses may be ahead in the coming days.