Bonk Surges 33% This Week Amid Bullish Chart Pattern

Bonk (BONK), the leading meme token on the Solana blockchain, has surged by 33% this week, outperforming many other altcoins and memecoins. This rally is part of a broader bullish momentum in the cryptocurrency market, with Ethereum (ETH) jumping over 4% in the past seven days and trading around the $2,520 level.

The price action of BONK is not the only factor attracting traders' attention. A powerful chart pattern is emerging, which could signal that the rally is far from over. On the daily chart, BONK appears to be forming a textbook Cup and Handle pattern, a bullish continuation structure that typically precedes a breakout. The rounded cup portion of the pattern formed between February and May, as BONK bottomed out and gradually began recovering. This was followed by a slight downward-sloping handle, where the price consolidated between late May and early July.

What makes this pattern even more convincing is that it’s now testing the resistance zone that coincides with the 200-day moving average — a key technical level that often acts as a make-or-break point for continuation. If BONK manages to push above the handle resistance and the 200-day moving average (currently around $0.00001881), it could ignite the next leg higher. The immediate target in that case would be the neckline of the cup at $0.00002580 — a 44% jump from current levels. A confirmed breakout above this neckline could validate the Cup and Handle formation and potentially trigger a sustained rally toward the $0.000039 level.

However, traders should remain cautious. A failure to break above the current resistance zone could result in further sideways movement and delay the upside breakout. This pattern, if confirmed, could signal a significant upside move for BONK, but it is essential to conduct thorough research and analysis before making any investment decisions.