Bonk Price Surges 20%: Is A New All-Time High On The Horizon

Bonk price has soared recently, 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% 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 increases 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 by World Of Charts, the cryptocurrency has increased by more than 50% in recent trading sessions.

The chart shared in 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. It indicates 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 increased 24-hour bonded coins on LetsBonk. Fun, a rising Solana-based platform. The market cap of Bonk stood at $1.76 billion at press time. Moreover, it ranked a bit higher than TrumpCoin ($1.70 billion).

One more significant entity in the meme industry, VET, also had a market cap of 1.76 billion at the time of writing. It was equal to Bonk’s market cap. Nevertheless, Bonk has topped the Solana meme coin category regarding total attention and capital flow.

Its position reversal happened when LetsBonk.fun surpassed Pump.fun in the total coins bonded within one day. It is an indicator of growing user activity and most people’s faith in Bonk’s prospects on the Solana network.

On its part, Bonk’s progress limited the trading volume difference in usage between the two meme competitors. It further boosted BONK price. The emergence underscores Bonk gaining popularity and re-establishing its supremacy in Solana’s highly competitive meme token sector.

How High Can Bonk Price Go in July?

When writing, the BONK price was trading at $0.00002155, with a surge of more than 20% in the past 24 hours. BONK 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, a key short-term support level. If this support continues to hold, bulls could target the next resistance near $0.000025.

Technical indicators also indicate bullish momentum. The Relative Strength Index (RSI) is exploding towards 79.87, showing an overbought condition. Although RSI is overbought, the RSI trend is tilted upwards. It signals that buyers will be interested in the short term.

Also, the indicator Chaikin Money Flow (CMF) is positive, and its value is 0.08. That hints at 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 price 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.