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The cryptocurrency market is buzzing with excitement as Solana-based memecoin BONK has shown remarkable resilience and bullish momentum. After a substantial surge of over 20% earlier this week, BONK has experienced a slight pullback but remains a top contender among major cryptocurrencies. Currently trading at $0.00001673, BONK’s price action has ranged between $0.00001606 and $0.00001751, showcasing an impressive intraday swing of 9.4%.
ETF Speculation Fuels BONK’s Momentum
One of the primary catalysts for BONK’s recent performance is the growing speculation surrounding a potential 2x leveraged BONK ETF. Tuttle Capital Management has indicated that July 16 could be the earliest launch date, pending regulatory approval. The anticipation of this ETF is driving increased trader activity, creating a bullish sentiment around BONK.
Token Burn Milestone Approaches
In addition to ETF speculation, BONK is on the verge of a significant milestone: reaching 1 million holders. This achievement will trigger a 1 trillion token burn, which could potentially reduce supply and increase the price. With over 943,000 holders currently, the countdown to this landmark event has intensified interest in BONK.
Technical Analysis: A Bullish Perspective
According to CoinDesk Research‘s analytical model, BONK has successfully broken free from both falling wedge and symmetrical triangle patterns. These technical indicators typically signal a transition from consolidation to potential expansion, suggesting that a breakout is imminent. Analysts have identified strong support at $0.000013 and resistance levels near $0.000018. A successful breach above this resistance could pave the way for BONK to reach $0.00003372, representing a potential 100% upside if the momentum holds.
Market Dynamics and Broader Ecosystem Growth
This rally is occurring alongside broader growth within the Solana ecosystem. Increased validator participation and significant investment in infrastructure are contributing to the overall bullish sentiment in the market. As BONK gains traction, it could benefit from this positive environment.
Technical Highlights of BONK’s Performance
In the latest trading session, BONK peaked at $0.00001751 around 01:00 UTC, accompanied by a notable volume spike of 1.66 billion. This established a high-volume resistance zone where the price traded within a tight band from 03:00 to 12:00 UTC, indicating consolidation following the rally.
Throughout the trading session, key support at $0.00001627 held firm despite intraday pullbacks. Notably, BONK experienced a sharp reversal of 1.5% at 13:52 UTC on heavy volume (31.9 billion), validating $0.0000164 as near-term support. Resistance is forming near $0.000017, which has been tested multiple times between 02:00 and 06:00 UTC.
Overall, the broader support zone remains around $0.000013, as indicated by macro-level chart patterns. The Relative Strength Index (RSI) suggests there is room for further upside, with no overbought signals currently evident.
Conclusion: The Future Looks Bright for BONK
With strong fundamentals, technical support, and speculative catalysts aligned, BONK appears poised for an extended breakout in the near term. Traders and investors alike will be watching closely as the market dynamics continue to evolve. As the cryptocurrency landscape shifts, BONK’s potential for significant gains makes it a memecoin to watch.
For those interested in exploring cryptocurrencies further, learn how to buy cryptocurrency or dive deeper into the world of XRP and its potential impacts on the market.
Disclaimer: Parts of this article were generated with the assistance of AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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