BONK’s Wild Ride: From ETF Buzz to Token Burn, It’s All Kinds of Bonkers!

by

What to know:

  • BONK, the coin that sounds like a good time, soared 21% in 24 hours, leaving the top 100 coins by market cap in the dust. 🚀
  • A potential 2x BONK ETF from Tuttle Capital and an approaching 1 million holder milestone have investors more excited than a kid in a candy store. 🍭
  • Price action remains bullish, with technicals signaling breakout potential beyond current resistance levels. It’s like BONK is trying to break out of a really tight pair of jeans. 🩳

Solana-based memecoin BONK dropped back after jumping in excess of 20% earlier this week, but remains in bullish mode amid increased trader activity. It’s like a rollercoaster that just won’t stop climbing. 🎢

BONK surged 21% in a 24-hour period into Thursday and positioned itself as the strongest performer among major cryptocurrencies. It was recently trading at $0.00001673, a 1.68% gain, with price action ranging from $0.00001606 to $0.00001751, a 9.4% intraday swing. That’s more volatility than my morning coffee. ☕

Fueling the momentum is mounting speculation around a 2x leveraged BONK ETF, with Tuttle Capital Management confirming July 16 as the earliest potential launch date pending regulatory approval. It’s like they’re trying to double the fun, or double the trouble, depending on how you look at it. 🤔

Adding to the bullish sentiment, BONK is on the cusp of reaching 1 million holders, a milestone that will trigger a 1 trillion token burn, potentially slashing supply and amplifying upside pressure. It currently boasts over 943,000 holders. That’s more followers than some celebrities. 🌟

Technically, BONK has broken free from both falling wedge and symmetrical triangle patterns, indicating a transition from consolidation to potential expansion, according to CoinDesk Research’s analytical model. It’s like BONK is finally breaking out of its shell. 🐣

Analysts point to firm support at $0.000013 and resistance near $0.000018. A successful breach above this resistance could unlock a potential path toward $0.00003372, representing a possible 100% upside if momentum holds. That’s like winning the lottery, but in cryptocurrency. 🎟️

This rally coincides with broader growth in the Solana ecosystem, including increased validator participation and infrastructure investment. With strong fundamentals, technical support, and speculative catalysts aligned, BONK could be poised for an extended breakout in the near term. It’s like the stars are aligning, but for a memecoin. 🌠

Technical Analysis Highlights

  • BONK peaked at $0.00001751 around 01:00 UTC with a notable 1.66B volume spike, establishing a high-volume resistance zone. It’s like a traffic jam on the highway to the moon. 🚗🌙
  • Price traded in a tight band from 03:00 to 12:00 UTC, signaling consolidation post-rally. It’s like BONK took a little nap before the next big push. 🛌
  • Key support at $0.00001627 held firm throughout the trading session despite intraday pullbacks. It’s like a stubborn mule refusing to budge. 🐴
  • BONK experienced a sharp 1.5% reversal at 13:52 UTC on heavy volume (31.9B), validating $0.0000164 as near-term support. It’s like a sudden gust of wind, but in the market. 🌬️
  • Resistance is forming near $0.000017, tested multiple times between 02:00 and 06:00 UTC. It’s like BONK is trying to break through a brick wall. 🧱
  • Broader support zone remains around $0.000013, per macro-level chart patterns. It’s like a safety net for BONK’s wild ride. 🛠️
  • BONK has broken out of both falling wedge and symmetrical triangle formations, typically bullish setups. It’s like BONK is finally getting its act together. 🎉
  • RSI suggests room for further upside, with no overbought signals evident at current levels. It’s like BONK has a lot more gas in the tank. 🚗💨

Read More

2025-07-04 19:22