BONK Surges 22% on ETF Approval Hopes, Bitcoin Rally

BONK, a meme coin launched on the Let's BONK crypto platform, has experienced a significant surge in value, rising by 22% as excitement around a potential ETF approval sparks a fresh rally. The cryptocurrency, which had been stuck in a downtrend for months, broke out of a descending channel pattern, marking a notable shift in its price trajectory. This breakout was accompanied by a strong volume spike, suggesting a bullish continuation toward higher price points, potentially reaching $0.000021–$0.000024.

The rally in BONK's price can be attributed to several factors. Firstly, Tuttle Capital filed a post-effective amendment stating that its 2x leveraged ETF could go live as early as July 16 if approved. This news has generated significant excitement among investors, who see the potential ETF as a catalyst for further price appreciation. Additionally, the broader cryptocurrency market has shown signs of recovery, with Bitcoin surging above $109000, which has triggered a boost in meme coins such as BONK.

Furthermore, the meme coin community has been abuzz with activity, with other meme coins like Useless Coin also experiencing substantial gains. Useless Coin, for instance, hit a market cap of $270 million and has maintained its strength just below that level. This broader enthusiasm within the meme coin sector has likely contributed to the positive sentiment surrounding BONK.

Many traders think this breakout could be the start of a mid-term rally for BONK price. The excitement is spreading fast because it looks like BONK has shaken off the bearish trend that kept it down for so long. If Bitcoin continues to climb, it will likely support BONK’s bullish momentum, helping it aim for higher price levels.

According to popular analyst World Of Charts, BONK has already completed its breakout and retest successfully. In a tweet, World Of Charts shared, “$Bonk #Bonk Breakout & Retest Has Already Confirmed, Expecting Solid Recovery In Coming Days.” This statement shows he is confident that the breakout is real and that BONK could see more gains soon.

The chart shared by World Of Charts makes this even clearer. It shows BONK price falling in a descending channel for several weeks. Each time BONK hit the top of the channel, it dropped back down. But yesterday, BONK finally broke above the upper resistance line of the channel. After the breakout, BONK came back down to test that old resistance line, which is now acting as a support level. The price held firm at that support, confirming what traders call a successful retest.

This pattern gives a strong signal that BONK price could move much higher in the coming days. A confirmed breakout and retest like this often sets the stage for a solid recovery or even a big rally. If momentum keeps building, BONK could aim for levels last seen before the big sell-off started earlier this year.

BONK’s ability to stay above this new support will be key. If buyers keep stepping in, BONK price could easily target higher levels in the near future, especially if Bitcoin’s bullish trend continues.

The price of BONK has been hovering around $0.00001506 on the 4-hour chart, indicating a steady recovery after weeks of downside pressure. The recent breakout from the downtrend and the strong volume spike suggest that the bullish momentum is likely to continue, barring any significant market disruptions.

Investors and analysts are closely monitoring the developments surrounding BONK, as the potential approval of the ETF and the broader market recovery could provide further upside potential. The meme coin's recent performance highlights the volatility and speculative nature of the cryptocurrency market, where sudden surges and declines are not uncommon. However, the current trend suggests that BONK is poised for further gains, driven by investor excitement and positive market sentiment.