Bonk's July Surge: Memecoin on Fire with More Gains Ahead!

Bonk is absolutely crushing it this July, and experts are buzzing that this memecoin's rocket still has plenty of fuel!

Get this: Bonk (BONK) has skyrocketed a whopping 100% in just the last two weeks, blasting off to a 5-month peak of $0.000028 on Tuesday, July 15. This bad boy was stuck in a rut since May, hovering around $0.000024 before crashing down to $0.000011 on June 23. But guess what? The buyers came back with a vengeance!

Right now, BONK is still 50% off its all-time high of $0.000058 from last November. But who cares? Bonk's latest surge has crowned it the undisputed king of memecoins on the Solana blockchain, boasting a mind-blowing $1.57 billion market cap. That's miles ahead of everyone else, except for Pudgy Penguins (PENGU), which is trailing with a $1.45 billion market cap.

Check out the daily chart, and you'll see BONK's cruising into an ascending broadening wedge pattern. Yeah, it's a bearish reversal signal with those two trendlines spreading out like crazy. But hold up...

Even with the bearish vibes, Bonk's got plenty of room to soar before hitting a wall at $0.000040. That's where things might get dicey, but we're talking a potential 43% jump from where we're at now. Buckle up!

And the technical indicators? They're screaming "BUY!" The Supertrend line's below the price and glowing green, meaning the bulls are still running the show and could keep pushing prices higher. Plus, the MACD and RSI are both trending up, flashing those buy signals like neon signs.

Some analysts are even more hyped, eyeing a target of $0.000060 for BONK. They're pointing to the breakout above the upper trendline of an ascending triangle pattern. Talk about bullish!

$BONK Season Ahead 🚨

BONK rally will be non stop till $0.000060. Easy more 2.5X from here!

Bullish Catalysts at Play

So, what's driving this Bonk rally? A few key catalysts are in the mix. For the last 9 days, BONK's weighted funding rate has stayed positive, according to CoinGlass data.

What does that mean? It means the long traders are shelling out cash to the short traders to keep their positions open. That's a clear sign that most futures traders are betting big on BONK going up. If this keeps up, it could draw in more retail investors, fueling Bonk's price even higher.

And get this: Nansen data shows that the total amount of BONK on exchanges dropped a solid 22% in the last 30 days, down to 17.63 billion tokens. That means traders are pulling their BONK off exchanges and into their private wallets. Why? Because they're not looking to sell anytime soon. These outflows cut down the immediate sell-off risk and tighten up the supply.

Disclosure: This article isn't investment advice. It's just here to educate and get you pumped about the crypto world!