BONK Surges 16% Amid Token Burn Anticipation and Solana Catalysts

The price of BONK has surged nearly 16% in the past day, reaching $0.00002035. This rally is driven by a technical breakout and growing discussions around a significant token burn event and catalysts linked to Solana. The weekly volume has climbed to levels last seen in early April, when BONK experienced a 3x run over the following month. Analyst Jim has drawn a parallel, suggesting that a clean move above $0.00002218 could signal another explosive leg up, potentially 5x to 10x, if current conditions persist.

One of the main catalysts for this renewed interest is the upcoming 1 trillion token burn, which will be triggered when the holder count reaches 1 million. Currently, the number stands at around 943,000, according to data from the BONK Foundation. If the burn occurs, it would remove about 1.24% of the token’s supply. Additionally, buy-and-burn efforts from BONK-related projects like @bonk_fun and @bonk_inu are designed to steadily reduce supply over time, further fueling the anticipation.

Speculation around a possible leveraged exchange-traded fund (ETF) has also contributed to BONK's rise. Market chatter suggests that Tuttle Capital may be preparing a 2x leveraged BONK ETF, aligning with recent activity around Solana-based ETFs and adding speculative momentum to BONK's move. Despite a 1% dip in the overall crypto market, BONK gained over 14%, outperforming major assets like Bitcoin, which fell 0.68%. This performance echoes the relative strength shown by memecoins.

Technical analysis supports the bullish sentiment surrounding BONK. The price action has broken out of a falling wedge pattern and reclaimed the 0.618 Fibonacci level near $0.00001807. The current price move pushes toward the next resistance at $0.00002218. Weekly chart data shows the asset bouncing from the 0.618 support level after five red candles. The volume profile also supports a bullish setup, with trading activity at the highest levels since early April. The RSI stands at 65.8 and MACD momentum has turned positive. If BONK price closes above $0.00002218 on volume, traders expect continuation toward the May high of $0.00002761.

The market is closely tracking BONK's ability to sustain above key resistance. If it confirms $0.00002218 as support, the weekly structure can reverse in favor of buyers. Whether BONK price maintains this momentum will come down to whether upcoming catalysts, such as the token burn, provide continued supply-side pressure. The launch of the meme coin launching platform Letsbonk.Fun under BONK has also contributed to the growing interest in the token. The platform launched 7714 types of meme coins, indicating a high level of activity and engagement within the BONK community. This increased activity could further drive the price of BONK as more traders and investors take notice of the token.