BONK breaks a major trendline and surges 12%, showing strong buyer interest and setting the stage for a major bullish wave.
A textbook Elliott Wave setup signals BONK may be entering its most powerful rally phase after a healthy 55% correction and rebound.
With meme coin momentum rising in July, BONK's 20% daily gain positions it as a leader in the sector's ongoing bullish trend.
BONK, a meme coin built on Solana, is smashing through a key descending trendline. The breakout has fueled a sharp 12% price rally, now pushing toward the $0.00002418 resistance. Trading volumes have surged alongside the price, confirming solid buyer interest and eliminating doubts about weak momentum. This move follows weeks of consolidation and signals the start of a possible bullish wave. BONK is riding high on meme coin hype, ETF speculation, and renewed energy across the Solana ecosystem.
Moreover, this breakout isn’t random—it’s backed by strong technicals. BONK reclaimed support around $0.00001600 after a deep 55% correction from its April highs. The rebound happened at the 61.8% Fibonacci level, aligning with classic Elliott Wave patterns. Analysts believe BONK completed a full five-wave impulse followed by a textbook Wave 2 correction. This sets the stage for a powerful third wave, historically the most explosive leg in any rally.
Strong Technical Structure Confirms Uptrend
BONK now targets $0.000028 as the next resistance level, based on measured Elliott Wave projections. If momentum persists, extended wave targets could reach $0.000035. The current structure looks healthy, with a clean retest of previous resistance turned support. That retest adds more confidence in the sustainability of the breakout.
Besides, volume spikes are not just retail-driven. Analysts suspect institutional traders may be getting involved. This adds credibility to the rally and reduces chances of a quick reversal. Furthermore, BONK shows a pattern of higher lows and bullish candles on the daily chart. These are strong signs of growing demand.
Key Levels to Watch as Rally Builds
The $0.00001600 zone now acts as the make-or-break support level. Any drop below it could invalidate the bullish structure. However, as long as BONK stays above that zone, the uptrend remains intact.
Additionally, the broader meme coin sector is heating up this July. BONK leads that charge with nearly 20% gains in the last 24 hours alone. Consequently, if sentiment stays bullish, BONK could ride this wave even higher in the coming weeks.
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