As bitcoin
hovers near a fresh all-time high, the Solana-based memecoin, BONK
, is leading the major altcoin rally.
The surge coincides with renewed optimism in risk assets following bitcoin’s recovery above $110,000, which has triggered widespread gains across established cryptocurrencies.
BONK’s momentum appears sustainable as numerous crypto analysts express bullish sentiment, citing significant upside potential remaining.
Adding to BONK’s bullish case, the BONK foundation’s token launchpad, LetsBONK.fun, recently surpassed competitor Pump.fun in daily volume with a 126% increase. This development benefits BONK holders as 50% of the platform’s revenue is allocated to buying and burning BONK tokens, creating additional positive price pressure in a market already anticipating the upcoming 1 trillion token burn when the project reaches 1 million holders.
Meanwhile, Tuttle Capital Management confirmed July 16 as the earliest possible launch date for its suite of leveraged crypto ETFs, including a 2× BONK ETF, fueling bullish sentiment.
Technical analysis highlights
- The BONK-USD pair experienced increased buying pressure during the last 24 hours, from July 2, 16:00 UTC, to July 3, 15:00 UTC. It surged from $0.0000147 to a peak of $0.0000175, representing a 10.4% range, according to CoinDesk Research’s technical analysis model.
- A significant volume spike to 2.9 trillion at midnight on July 3 established strong support at the $0.0000157 level, while high-volume buying at the $0.0000168 level during the 05:00 UTC hour propelled prices higher despite late session profit-taking, the model showed.
- However, during the last 60 minutes from July 3 at 14:50 to 15:49 UTC, BONK-USD experienced significant volatility, dropping from $0.00001666 to a low of $0.00001619 before recovering to $0.00001624.
- A notable volume spike of 86.9 trillion at 15:35 coincided with the price bottoming at $0.00001619, establishing a key support level. The subsequent recovery formed an ascending trendline with increasing volumes, particularly at 15:49, where 22.5 trillion in volume pushed prices up by 2.7% from the session low, according to the model.
