BONK price surges 60% in a week, eyes $0.000040 as 1M holder milestone nears

BONK price has jumped over 60% in the past week on a wave of bullish catalysts, potentially eyeing $0.000040.

Bonk (BONK) price has recently broken out of a months-long descending channel, entering a strong upward trend with consecutive green daily candles since the breakout on July 2. The memecoin reached an intraday peak of $0.000024 today, now testing a significant resistance zone that aligns with the previous local high from early May. Since breaking above the descending trendline at around $0.000015, BONK has rallied over 60%.

The rally appears to be driven by bullish developments around token burns and ecosystem growth. Last week, the Bonk team announced that it will burn 1 trillion BONK tokens once the project reaches 1 million holders. With the current holder count at 950,300 according to CoinGecko Terminal, the target could be hit very soon.

Additionally, Bonk Foundation’s token launchpad LetsBONK.fun, which was released on April 25, has recently overtaken Pump.fun in daily revenue. This is good news for BONK holders because 50% of platform revenues go toward BONK buybacks and burns, which further adds to its deflationary momentum.

Adding to the bullish case, Tuttle Capital Management recently confirmed that July 16 is the earliest potential launch date for its upcoming suite of leveraged crypto ETFs, including a 2× BONK ETF.

BONK price is now approaching a critical decision point: a successful close above the $0.000024–$0.000025 region could validate a larger bullish continuation pattern — possibly a breakout from a cup-and-handle formation — with upside targets near $0.000040 based on the measured move from the pattern’s depth.

However, with the RSI hovering above 75, BONK has now entered overbought territory, suggesting the possibility of short-term consolidation or pullback before the next leg up. If the price retraces, the zone around $0.000018 may hold as support during a pullback, having been tested and rejected as resistance before the final breakout.