Bonk has delivered an impressive performance in July, with analysts indicating that the memecoin may still have upward momentum. According to data from crypto.news, BONK has surged by 100% over the past 14 days, reaching a five-month high of $0.000028 as of Tuesday, July 15. This rally comes after a sustained downtrend that began in May, when BONK was trading around $0.000024, eventually bottoming out at $0.000011 on June 23 before buyers stepped back in.
Despite the recent surge, BONK remains 50% below its all-time high of $0.000058 set in November last year. Still, its recent performance has cemented its status as the leading memecoin on the Solana blockchain. BONK now boasts a market cap of $1.57 billion, surpassing all its peers except Pudgy Penguins, which trails closely with a $1.45 billion valuation.
From a technical perspective, BONK appears to have formed an ascending broadening wedge on the daily chart—a bearish reversal pattern marked by two upwardly diverging trendlines that indicate potential volatility and an eventual shift in momentum.
Although the ascending broadening wedge is typically seen as a bearish reversal pattern, BONK still has room to climb before hitting key resistance at $0.000040—a level that sits roughly 43% above its current price and could mark the point of a potential pullback.
Technical indicators continue to support a bullish outlook. The Supertrend indicator has flipped green and is positioned below the current price, suggesting that bulls remain in control and may drive further gains in the short term. Momentum indicators such as the MACD and RSI are also trending upward, signaling buying interest and strengthening market sentiment.
Adding to the optimism, some analysts have set a more ambitious target of $0.000060 for BONK, pointing to its recent breakout above the upper trendline of an ascending triangle pattern—a classic bullish continuation signal.
Bullish catalysts at play
Several key factors could help sustain BONK’s rally in the near term. Data from CoinGlass shows that BONK’s weighted funding rate has remained positive for nine consecutive days—a sign that sentiment in the futures market remains bullish.
A positive funding rate indicates that long traders are paying shorts to keep their positions open, suggesting that the majority of futures traders are anticipating further price increases. If this trend continues, it could draw in more retail investors, adding fresh momentum to BONK’s price action.
Supporting this outlook, data from Nansen reveals that exchange-held BONK tokens have dropped by 22% over the past month, now totaling 17.63 billion. This decline in exchange balances suggests that holders are moving their tokens to private wallets, signaling reduced intention to sell in the short term. Such outflows can ease immediate selling pressure and limit circulating supply, both of which are positive for price stability and potential upside.
