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- BONK broke above a long-term downtrend, now testing major resistance near $0.000024.
- Token burn plan and potential 2× ETF approval are fueling both hype and institutional attention.
BONK, a meme coin on the Solana network, has climbed 65% over the last week, attracting renewed interest following strong price movement and positive news. The token pushed past a descending trendline on July 2 and has closed several consecutive days in the green, reaching a high of $0.000024 today. That level now acts as a resistance area, lining up with previous highs from early May.
The breakout began once the price cleared $0.000015 and has stayed on track since. A trader on X noted,
For the first time since November 2024, $BONK has shattered its weekly downtrend. This isn’t just a bounce; it’s a monumental shift that could signal the return of meme coin dominance.
He added that breaking the next resistance could push BONK into uncharted territory with possible new all-time highs.
BONK BREAKOUT CONFIRMED!
For the first time since November 2024, $BONK has shattered its weekly downtrend! This isn't just a bounce; it's a monumental shift that could signal the return of meme coin dominance.
Having already exploded over 60% in 5 days, from $0.00001300 to… pic.twitter.com/lWR99Do5sC
— FOUR | Crypto Spaces (@X_Four_iv) July 7, 2025
The recent rally has been partially fueled by the Bonk team’s pledge to burn 1 trillion tokens once the holder count reaches 1 million. Current data from CoinGecko Terminal shows the number of holders at around 950,300, which suggests that the target may be hit soon. This upcoming burn would cut the available supply by a wide margin, which traders believe could help push prices higher.
ETF Launch and Burn Targets Draw Investor Focus
Another boost came from Tuttle Capital Management, which announced that July 16 could be the first day its new leveraged crypto ETFs begin trading. This includes a 2× BONK ETF. ETF access often brings both speculative trading and longer-term capital allocation.
Adding to the recent activity, Bonk Foundation’s launchpad LetsBONK.fun, which started on April 25, has recently overtaken Pump.fun in daily revenue. Half of that revenue is used to buy and burn BONK, supporting its supply-reducing mechanism. The platform’s recent performance has added to the growing interest in BONK.
At the moment, BONK is hovering near the $0.000024–$0.000025 range. A steady climb beyond this zone may indicate that the recent pattern is continuing, with the next potential target around $0.000040. This figure is based on the measured move from what some view as a cup-and-handle setup.
Technical Indicators and Derivatives Market Show Mixed Signals
On the technical side, indicators point to strength in the current short-term uptrend. The MACD is rising, and the widening gap between the MACD and signal lines suggests that momentum is building. Chaikin Money Flow (CMF) stands at 0.27, which typically reflects ongoing buying activity. On the other hand, the RSI has reached 74, placing BONK in overbought conditions. This increases the chance of a short pause or minor dip before any continuation.
If there is a pullback, the earlier resistance around $0.000018 could now serve as support. This level has been tested several times before the recent push higher and may act as a buffer if sellers reappear.
Looking at derivatives, Coinglass data shows that open interest has dropped by 6.32%, now at $52.28 million. Over the past 24 hours, total liquidations reached $986,400, with $590,150 from longs and $396,250 from shorts.
With interest coming from both retail participants and institutional players, BONK is under close watch. Its ability to hold current levels and push toward $0.000040 will likely depend on the market’s reaction to the ETF outcome and how the token burn unfolds.
