BONK Surges 37.81% as Tuttle Capital ETF Launch Nears

BONK, a memecoin operating on the Solana blockchain, has reached a new weekly high as market anticipation builds for the launch of Tuttle Capital’s leveraged crypto ETFs. This surge in price is driven by a combination of technical breakouts and improving fundamentals, with traders closely monitoring the potential for further gains.

The momentum behind BONK’s rally has been significantly boosted by the confirmation from Tuttle Capital Management that their suite of 10 leveraged crypto ETFs, including a 2× BONK ETF, is set to launch as early as July 16. This news has sparked bullish sentiment across the broader market, as leveraged ETFs are known to attract speculative capital and provide substantial trading volume once listed. If the ETFs are launched as scheduled, BONK could experience a significant liquidity injection and increased exposure to institutional traders, a notable achievement for a memecoin.

Technical analysis supports the strength of BONK’s price movement. On the daily chart, the token has broken out of both a falling wedge and a symmetrical triangle pattern, indicating a potential shift from consolidation to expansion. The symmetrical triangle breakout, in particular, suggests a bullish continuation, with the current price targeting a move of roughly 37.81% towards the $0.000023 level. Support is holding firm near $0.000013, while resistance at $0.000018 may serve as the final hurdle before a new leg up.

From a broader perspective, BONK has also broken out of a long-standing sideways accumulation zone on the weekly chart, aligning with an ascending trendline that has held since early 2024. The price is currently holding above key weekly supports at $0.00000974 and $0.00001185, both of which previously acted as zones where bull traps emerged during failed rallies. However, what sets the current rally apart is the increase in volume, suggesting that this breakout may carry more weight than past attempts. Traders are also eyeing technical targets at $0.00003822 and $0.00017215, although these levels would likely only come into play if broader market conditions remain favorable and BONK continues to attract fresh interest.

Another major development propelling BONK upward is the upcoming token burn set to take place once the project reaches 1 million holders. Currently sitting just above 943,000 holders, the memecoin is edging closer to this key milestone, which would trigger the permanent removal of 1 trillion BONK tokens from circulation. Burn events are typically viewed as bullish because they reduce total supply, which can lead to stronger price appreciation if demand continues to build. In BONK’s case, the convergence of technical breakouts, a nearing supply shock, and ETF-driven hype is creating a compelling short-term trading setup.