Solana-based memecoin BONK is once again making waves in the crypto market, climbing 21% in 24 hours amid mounting excitement over a potential 2x leveraged BONK ETF and a massive 1 trillion token burn tied to its rapidly growing user base.
ETF Speculation and Holder Growth Trigger Bullish Momentum
Investor interest surged following news that Tuttle Capital Management could launch a 2x BONK ETF as early as July 16, pending regulatory approval. This news, combined with BONK approaching 1 million holders (currently over 943,000), is creating a bullish storm for the memecoin.
Reaching 1 million holders will automatically trigger a 1 trillion BONK token burn, which could tighten supply and intensify buying pressure, potentially sending prices higher.
Price Performance: Strongest in Top 100 Cryptos
In the past 24 hours, BONK surged to $0.00001751 before retracing slightly to $0.00001673, still up 1.68% on the day. Price action ranged between $0.00001606 and $0.00001751, showing a 9.4% intraday swing, which underscores growing volatility and speculative interest.
Technical Analysis: Breakout Patterns Confirmed
BONK has recently broken out from two bullish patterns—a falling wedge and a symmetrical triangle—which often signal a transition from consolidation to expansion. Analysts now watch for a clear breakout above the $0.000018 resistance level.
- Key support: $0.000013 (macro), $0.00001627 (intraday)
- Current resistance: $0.000017–$0.000018
- Volume spike: 1.66B at $0.00001751 (high-volume resistance zone)
- RSI: No signs of overbought, suggesting further upside potential
- Target breakout level: $0.00003372 (potential 100% upside)
Solana Ecosystem Growth Supports BONK’s Rally
BONK’s rise is bolstered by wider growth in the Solana ecosystem, including increased validator participation, infrastructure investment, and heightened developer activity. This provides strong foundational support for the token’s rally.
Conclusion: BONK Poised for Further Upside
With ETF momentum, a looming token burn, and technical indicators flashing bullish, BONK is positioned for a potential extended breakout. If it successfully breaches the $0.000018 resistance, a move toward $0.00003372 could become a realistic near-term target.
Key takeaway: If BONK maintains momentum, the combination of supply shock and investor hype could ignite the next leg of its rally.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.