BONK Surges 21% in 24 Hours Amid ETF Speculation

BONK, a Solana-based memecoin, has experienced a significant surge in value, rising by 21% within a 24-hour period. This rally has positioned BONK as the top performer among major cryptocurrencies, outpacing the top 100 coins by market capitalization. The price of BONK reached $0.00001673, marking a 1.68% gain, with intraday fluctuations ranging from $0.00001606 to $0.00001751, a 9.4% swing.

The momentum behind BONK's rally is fueled by speculation surrounding a potential 2x leveraged BONK ETF from Tuttle Capital Management. The earliest possible launch date for this ETF is July 16, pending regulatory approval. Additionally, BONK is nearing a significant milestone of 1 million holders, which, if reached, will trigger a 1 trillion token burn. This event could potentially reduce the supply of BONK tokens, thereby amplifying upward price pressure. Currently, BONK has over 943,000 holders.

Technical analysis indicates that BONK has broken out of both falling wedge and symmetrical triangle patterns, suggesting a transition from consolidation to potential expansion. According to CoinDesk Research's analytical model, this breakout signals a bullish trend. Analysts have identified firm support at $0.000013 and resistance near $0.000018. A successful breach above the resistance level could pave the way for BONK to reach $0.00003372, representing a potential 100% upside if the momentum continues.

This rally in BONK's value coincides with broader growth within the Solana ecosystem, including increased validator participation and infrastructure investment. The strong fundamentals, technical support, and speculative catalysts aligned with BONK's recent performance suggest that the memecoin could be poised for an extended breakout in the near term.

Technical analysis highlights include BONK peaking at $0.00001751 around 01:00 UTC with a notable volume spike of 1.66B, establishing a high-volume resistance zone. The price traded in a tight band from 03:00 to 12:00 UTC, signaling consolidation post-rally. Key support at $0.00001627 held firm throughout the trading session despite intraday pullbacks. BONK experienced a sharp 1.5% reversal at 13:52 UTC on heavy volume (31.9B), validating $0.0000164 as near-term support. Resistance is forming near $0.000017, tested multiple times between 02:00 and 06:00 UTC. The broader support zone remains around $0.000013, per macro-level chart patterns. BONK has broken out of both falling wedge and symmetrical triangle formations, typically bullish setups. The Relative Strength Index (RSI) suggests room for further upside, with no overbought signals evident at current levels.