Date: Fri, Aug 01, 2025 | 12:40 PM GMT
The broader crypto market is experiencing a correction following Ethereum’s sharp rejection at the $3,940 level. ETH has since slid back to around $3,660 — a 5% daily decline — sparking a wave of sell-offs across altcoins and meme tokens.
Bonk (BONK) is one of the more heavily hit, down 9% on the day and extending its weekly losses to 27%. But while the short-term momentum appears bearish, the chart paints a potentially bullish narrative.
Source: Coinmarketcap
Retesting the Cup and Handle Breakout
Zooming into BONK’s daily chart, shared by prominent crypto analyst JohncyCrypto , a textbook Cup and Handle formation has taken shape — a classic bullish continuation pattern often seen before explosive moves.
After carving out the “cup” from February to May and then the “handle” in June–July, BONK saw a breakout above the neckline resistance at approximately $0.00002500 in mid-July. That breakout triggered a swift rally, sending the price as high as $0.00004061 before sellers stepped in.
Bonk (BONK) Daily Chart/Credits: @JohncyCrypto (X)
Now, the recent pullback has brought BONK back down to retest the neckline zone around $0.000025 — a move that, while sharp, is common in strong continuation patterns. As of writing, BONK is holding near $0.00002636, suggesting a possible confirmation of the breakout.
What’s Next for BONK?
If this retest holds and buyers re-enter the market, BONK could be gearing up for its next leg higher. The first major upside target would be reclaiming the recent high of $0.00004061, followed by a possible extension toward the upper resistance zone at $0.00005200, a 94% gain from current levels.
However, bulls need to defend the $0.00002500–$0.00002600 neckline area to keep the breakout structure intact. A breakdown below this support could invalidate the pattern and send BONK back toward the lower consolidation range near $0.00001900 or lower.
