Date: Sat, July 05, 2025 | 06:06 AM GMT
The cryptocurrency market is showing clear signs of bullish momentum as Ethereum (ETH) jumps over 4% in the past 7 days, now trading around the $2,520 level. This renewed strength is spilling over into altcoins and memecoins — and Bonk (BONK), Solana’s leading meme token, is among the top performers, climbing 33% this week.
But it’s not just BONK’s price action that has traders buzzing — a powerful chart pattern now forming could signal that the rally is far from over.
Cup and Handle in Play
On the daily chart, BONK appears to be forming a textbook Cup and Handle pattern — a bullish continuation structure that typically precedes a breakout. The rounded cup portion of the pattern formed between February and May, as BONK bottomed out and gradually began recovering. This was followed by a slight downward-sloping handle, where the price consolidated between late May and early July.
What makes this pattern even more convincing is that it’s now testing the resistance zone that coincides with the 200-day moving average — a key technical level that often acts as a make-or-break point for continuation.
What’s Next for BONK?
If BONK manages to push above the handle resistance and the 200-day moving average (currently around $0.00001881), it could ignite the next leg higher. The immediate target in that case would be the neckline of the cup at $0.00002580 — a 44% jump from current levels. A confirmed breakout above this neckline could validate the Cup and Handle formation and potentially trigger a sustained rally toward the $0.000039 level.
However, traders should remain cautious. A failure to break above the current resistance zone could result in further sideways movement and delay the upside breakout.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.