The cryptocurrency market has reached a new significant phase as Bitcoin and Ethereum showcase substantial growth. Bonk, a Solana-based token, is gaining particular attention among altcoins.
Bitcoin and Ethereum's Record Surge
Today, Bitcoin (BTC) hit a new record high of $112K, while Ethereum (ETH) also posted an impressive 5% rise in a single day. This bullish trend has positively impacted other altcoins and memecoins.
Bonk Analysis: Cup and Handle Pattern Formation
On the daily chart, Bonk (BONK) appears to be forming a Cup and Handle pattern, which typically signals a continuation of the uptrend. The rounded base was established between February and May, with the token hitting a bottom and beginning its recovery. This was followed by a healthy consolidation phase from late May to early July. Such consolidation can create momentum for the next bullish leg.
Bonk's Outlook: Next Targets for Traders
If this pattern continues, the next target would be the neckline resistance at around $0.00002580. A breakout above this level would confirm the Cup and Handle formation and could lead to a technical target near $0.000043. Traders will closely monitor a clean breakout above the neckline with volume support.
Thus, the cryptocurrency market demonstrates strong bullish dynamics, and Bonk is drawing attention due to the formation of a potentially bullish pattern. Traders should watch for further developments.
