With a staggering 60% leap on the weekly chart, Solana (SOL $149.3, 24h volatility: 1.2%, Market cap: $79.99 B, Vol. 24h: $4.32 B) has been the talk of the town. However, it’s the cheeky little meme coin BONK (BONK $0.000023, 24h volatility: 7.4%, Market cap: $1.82 B, Vol. 24h: $1.12 B) that has truly stolen the show, driven by the ETF hoopla and a chart that looks like it was drawn by a particularly optimistic artist.
As the potential Golden Cross looms on the horizon, analysts are scratching their heads and wondering if this bullish rally can keep its legs. 🤔
BONK Undergoes a Year-Long Accumulation
According to the blockchain analytics firm Arkham Intelligence, BONK has been quietly accumulating over the past year, with a significant exodus from exchanges. This suggests that the selling pressure from the Solana meme coin has dwindled to a mere trickle, much to the relief of its long-suffering holders.
BONK Faces Exchange Outflows – Source: Arkham Intelligence
With its impressive gains over the past week, BONK has firmly planted itself among the top Solana meme coins, much to the delight of its fans and the chagrin of its detractors.
Two major factors are fueling BONK’s recent price surge. First, there’s the growing anticipation of a 2x leveraged BONK ETF, which Tuttle Capital Management has hinted could make its debut as early as July 16, pending the usual regulatory red tape. 📜
Second, BONK is on the cusp of a significant community milestone: 1 million holders. Once this threshold is crossed, 1 trillion BONK tokens will be ceremoniously burned, a move that is expected to create a bullish tailwind as the circulating supply takes a nosedive. 🚒🔥
Technical Chart and Golden Cross Formation
BONK has officially broken out of a year-long falling wedge pattern on the daily chart, a development that could signal a shift from bear to bull. The token is currently consolidating around $0.00002203, just shy of a key resistance zone at $0.00002389.
BONK Price Breakout – source: TradingView
A breakout above this level, especially with robust trading volume, could pave the way for further gains. The next short-term resistance is set at $0.00002577, with bullish targets at $0.00002840 and $0.00003670.
Another technical signal to watch is the impending Golden Cross, where the 50-day Exponential Moving Average (EMA) is poised to cross above the 200-day EMA. This formation, often seen as a bullish harbinger, suggests that the shorter-term trend is gaining the upper hand over the long-term average.
BONK Chart Shows Golden Cross Setup – source: TradingView
If the crossover is confirmed in the coming days, it could provide the necessary spark to push BONK past the $0.00002840 resistance and set the stage for a rally toward $0.00003600 or even higher. 🚀
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2025-07-09 22:48