BONK has soared more than 60% over the past week, fueled by a series of bullish catalysts, and is now setting its sights on the $0.000040 mark.
The memecoin recently broke out of a multi-month descending channel, kicking off a strong uptrend with a string of green daily candles since the breakout on July 2. BONK hit an intraday high of $0.000024 today and is currently testing a key resistance zone that coincides with its early May local top. Since breaking above the descending trendline near $0.000015, the price has gained significant momentum.
Much of this rally appears to be driven by ecosystem growth and deflationary initiatives. Last week, the Bonk team announced a planned burn of 1 trillion tokens once the project reaches 1 million holders. With the current holder count at approximately 950,300 (according to CoinGecko Terminal), the milestone could be reached soon.
Further boosting sentiment, Bonk Foundation’s launchpad, LetsBONK.fun—launched on April 25—has recently surpassed Pump.fun in daily revenue. Notably, 50% of the platform’s revenue is used for BONK buybacks and burns, reinforcing the token’s deflationary dynamics.
Adding to the bullish outlook, Tuttle Capital Management has confirmed that July 16 is the earliest possible launch date for its upcoming line of leveraged crypto ETFs, including a 2× BONK ETF.
Technically, BONK is now nearing a crucial resistance zone between $0.000024 and $0.000025. A strong daily close above this region could confirm a larger bullish continuation pattern—potentially a breakout from a cup-and-handle formation—with a measured upside target around $0.000040.
However, with the RSI now above 75, BONK has entered overbought territory, indicating the potential for a short-term consolidation or pullback before the next upward move. If a retracement occurs, the $0.000018 level could act as a key support zone, as it previously served as resistance before the breakout and may now flip into support.
