BONK Soars Over 15% as Memecoin Momentum Lifts Broader Crypto Market

BONK surged 18.2% over the past day, breaking decisively through multiple resistance levels to settle at $0.00003343 - its highest price in months.

The rally comes amid renewed optimism in crypto markets, with altcoins leading a charge that saw total market capitalization edge higher on the back of rising open interest and technical momentum.

From July 15 at 11:00 UTC through July 16 at 10:00 UTC, BONK appreciated by 15.08%, climbing from $0.00002824 to $0.00003253 before peaking at $0.00003309.

The Solana-based memecoin posted a sequence of higher highs and higher lows, punching through resistance at $0.000030000 and $0.000032000 as traders rotated into high-volatility assets, according to CoinDesk Research's technical analysis data model.

The move coincided with BONK’s inclusion on Grayscale’s institutional surveillance list, a milestone that further legitimizes the memecoin in the eyes of broader market participants.

Technically, BONK’s momentum remained strong even during volatile periods. In the final hour of the session, the token pulled back to $0.00003225 at 09:45 UTC before bouncing sharply on volume spikes exceeding 134 billion tokens, lifting it to $0.000033034. New short-term support has formed at $0.00003295.

With sentiment improving across the altcoin landscape and BONK showing both volume and price leadership, the token now appears poised to challenge the $0.000035000 level - a psychological barrier that could open room for further upside if the broader rally continues.

Technical Analysis Highlights

• BONK gained 15.08% in 24 hours, moving from $0.00002824 to $0.00003253.
• Full trading range spanned 18.93%, with a high of $0.00003309.
• Resistance at $0.000030000 and $0.000032000 was cleanly broken.
• Immediate resistance now at $0.000033000; next upside target sits at $0.000035000.
• Solid support emerged at $0.000028500 and more recently at $0.000032950.
• Volume surged above 134B tokens during final-hour recovery and breakout.
• BONK rebounded 2.4% from intraday low of $0.00003225.
• Current price: $0.00003343, leading Solana ecosystem tokens in daily gains.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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