7 hours ago
Solana-based memecoin BONK dropped backmost aft jumping successful excess of 20% earlier this week, but remains successful bullish mode amid accrued trader activity.
BONK surged 21% successful a 24-hour play into Thursday and positioned itself arsenic the strongest performer among large cryptocurrencies. It was precocious trading astatine $0.00001673, a 1.68% gain, with terms enactment ranging from $0.00001606 to $0.00001751, a 9.4% intraday swing.
Fueling tge momentum is mounting speculation astir a 2x leveraged BONK ETF, with Tuttle Capital Management confirming July 16 arsenic the earliest imaginable motorboat day pending regulatory approval.
Adding to the bullish sentiment, BONK is on the cusp of reaching 1 cardinal holders, a milestone that volition trigger a 1 trillion token burn, perchance slashing proviso and amplifying upside pressure. It presently boasts implicit 943,000 holders.
Technically, BONK has breached escaped from some falling wedge and symmetrical triangle patterns, indicating a modulation from consolidation to imaginable expansion, according to CoinDesk Research's analytical model.
Analysts constituent to steadfast enactment astatine $0.000013 and absorption adjacent $0.000018. A palmy breach supra this absorption could unlock a imaginable way toward $0.00003372, representing a imaginable 100% upside if momentum holds.
This rally coincides with broader maturation successful the Solana ecosystem, including accrued validator information and infrastructure investment. With beardown fundamentals, method support, and speculative catalysts aligned, BONK could beryllium poised for an extended breakout successful the adjacent term.
Technical Analysis Highlights
- BONK peaked astatine $0.00001751 astir 01:00 UTC with a notable 1.66B measurement spike, establishing a high-volume absorption zone.
- Price traded successful a choky set from 03:00 to 12:00 UTC, signaling consolidation post-rally.
- Key enactment astatine $0.00001627 held steadfast passim the trading league contempt intraday pullbacks.
- BONK experienced a crisp 1.5% reversal astatine 13:52 UTC connected dense measurement (31.9B), validating $0.0000164 arsenic near-term support.
- Resistance is forming adjacent $0.000017, tested aggregate times betwixt 02:00 and 06:00 UTC.
- Broader enactment portion remains astir $0.000013, per macro-level illustration patterns.
- BONK has breached retired of some falling wedge and symmetrical triangle formations, typically bullish setups.
- RSI suggests country for further upside, with nary overbought signals evident astatine existent levels.`
Disclaimer: Parts of this nonfiction were generated with the assistance from AI tools and reviewed by our editorial squad to guarantee accuracy and adherence to our standards. For much information, see CoinDesk's afloat AI Policy.
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