StonkFun Price Corrects 16% After Reaching ATH of $0.35

StonkFun (STONK) price action has entered a correction phase after reaching an all-time high of $0.35, resulting in a decline of 16% in the past 24 hours and reducing its weekly gains to only 12%. The daily trading volume has also decreased significantly, from around $140 million to about $50 million.

The token's network activity primarily drove the launchpad by increasing revenue and sparking a supply crunch. However, this decline in activity may be contributing to the current price correction.

According to the 100 EMA support level at $0.15, STONK is still trading above it, indicating that short-term price action remains bullish. Nevertheless, if the bulls return to buying as before, the token could break above the trendline resistance and expose a new peak.