- BONK jumps over 34% in a week amid bullish market developments.
- Anticipated ETF listing and 1 trillion token burn boost investor confidence.
- Technical indicators confirm a breakout from the downtrend, suggesting further upside.
BONK, a meme coin on the prominent Solana blockchain, is recording solid bullish sentiment within a general neutral mood of the overall crypto market. Over the past 24-hour span, the token surged by 8.59% and is continuing with a stellar streak of 34.03% over the past week.
Traded at $0.00001823 and supported by a 24-hour volume of $586.86 million, an increase of 34% when contrasted with yesterday, BONK’s market cap is $1.46 billion and signifies rising investor sentiment and market action.
There are some fundamental developments backing the rally. One of them is speculation of a 2x leveraged BONK ETF release, and it is expected to come on schedule for potential approval by July 16.
Institutional and retail traders looking for increased exposure to meme coin action are attracted by the idea of a leveraged ETF.
Also Read: DeFi Development Corp. Partners with BONK to Expand Solana Validator
BonkFun Ecosystem Fuels Deflationary Momentum
To put the cherry on top, the token is rapidly approaching a historic milestone, 1 million wallet holders. Upon reaching this milestone, the project will unleash a whopping 1 trillion token burn.
Circulating supply will be drastically reduced in the burn event and experience a deflationary effect, which will also increase demand further.
BONK’s increased availability has also had much to do with today’s momentum. Listed on major exchanges such as Binance, Coinbase, Robinhood, and Upbit, today the token is more accessible than ever for investors globally.
In addition, its ecosystem keeps building with BonkFun, with protocol fees allocated for ongoing buy-and-burn regimes. Those burns are aimed at exerting ongoing deflationary pressures on tokens and complementing investor thirst for hard-to-get digital assets.
BONK Technical Indicators Signal Breakout Ahead
Technicians have referenced strong bullish indications and think BONK’s rally will extend further. The token achieved a breakout of a well-known downtrending line on the 1-day chart for a potential change of direction of the trend, according to ZAYK Charts.
High volume and a strong bullish-appearing candle validated the breakout and are bullish for potential upside to the $0.000024–$0.000025 region.
Technicians see this move to be within the third wave of Elliott Wave Theory, and it is frequently the sharpest rally. Volatility of the token makes for caution, though.
A failed breakout is also possible with $0.000016 being key support. A successful retest of the trendline or bullish wedge configuration would also solidify positive movement in the near term.
Also Read: BONK Price Skyrockets 22%: But Will the ETF Launch Sustain the Rally?
