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.
Source: Coinmarketcap
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.
Bonk (BONK) Daily Chart/Coinsprobe (Source: Tradingview
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.
