Bonk price has soared in recent days, driven by growing enthusiasm surrounding its Solana-based ecosystem and rapid market activity. The token spiked over 60% in just five days, climbing from $0.000013 to a recent high of $0.0000218.
Its momentum was provided by a 20 percent daily rally and a doubling of its trading volume. The attention was added to BONK by new interests. The possibility of an ETF filing and a scheduled one trillion token burn in December is increasing the investor confidence.
Bonk Price Breaks Out, Gains Over 50%
According to a crypto analyst, the price of Bonk is on a steep rise as the token successfully breaks key resistance levels. As per the latest report launched by World Of Charts, the cryptocurrency has increased by more than 50 percent in the recent trading sessions.
The chart indicated on an X post indicates a clean breakout of a negative developing trend line followed by powerful bullish momentum. The breakout coincides with a previous zone of accumulation, which gives an indication of a technically boosted rise.
Bonk Surpasses TrumpCoin in Market Value
The price of Bonk has exploded, enabling the memecoin to replace the TrumpCoin as the top meme coin on the Solana blockchain.
The switch occurred because of an increase in 24-hour bonded coins on LetsBonk.fun, a rising Solana-based platform. The current market cap of Bonk stands at $1.76 billion, and it now ranks a bit higher than TrumpCoin ($1.70 billion).
One more significant entity in the meme industry, VET, also has a market cap of 1.76 billion, equal to Bonk. Nevertheless, Bonk has topped the Solana memecoin category in terms of total attention and capital flow.
Its position reversal happened when LetsBonk.fun surpassed Pump.fun in the total coins bonded within one day. This indicator is an indicator of growing user activity and the faith of most people in the prospects of Bonk on the Solana network.
On its part, Bonk Progress limited the trading volume difference in usage between the two meme competitors, further boosting it. The emergence underscores Bonk gaining popularity and re-establishing its supremacy in the highly competitive meme token sector in Solana.
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How High Can Bonk Price Go in July?
The BONK price is currently trading at $0.00002155, with a strong surge of more than 20% in the past 24 hours.
BONK price has shown notable strength on the 4-hour chart, climbing within a bullish parallel channel. The price action remains supported above the $0.000020 mark, which has now turned into a key short-term support level. If this support continues to hold, bulls could target the next resistance near $0.000025.
The technical indicators also indicate the bullish momentum going on. The Relative Strength Index (RSI) is exploding towards 79.87, and this shows that it is an overbought condition. Although RSI is in the overbought territory, the RSI trend is tilted upwards, indicating that buyers will be interested in the short term.
Also, the indicator Chaikin Money Flow (CMF) is positive, and its value is 0.08, which indicates good inflows of capital into the asset. This enhances the notion of long-term buying pressure provided that important levels of support are intact.
However, a breakdown below $0.000020 could invalidate the bullish setup. In that case, the next support lies at $0.0000150, with a further drop potentially targeting $0.00001300.
For now, as long as BONK stays within the ascending channel, the trend remains in favor of the bulls. A confirmed breakout above $0.000025 could open the door for a fresh rally.
