Bonk (BONK) is gaining attention in the crypto market as the meme token trades near a critical technical level. Analysts believe the retest of its neckline could set the stage for a major rally.
“Pattern completion + neckline hold = 100% upside potential.”
#BONK Neckline Retest – Bulls Ready to Bounce👀
The token is facing the broken neckline of the inverse head & shoulders on the daily timeframe🔥
Pattern completion + neckline hold = 100% upside potential🚀
Target levels: $0.000024 → $0.000030 → $0.000037 → $0.000041 →… pic.twitter.com/rMFGyweYdQ
— Jonathan Carter (@JohncyCrypto) August 26, 2025
He highlighted price targets at $0.000024, $0.000030, $0.000037, $0.000041, and $0.000052, suggesting BONK could potentially double in value if momentum persists. At press time, BONK was trading at $0.000021, marking a 5% gain over the past 24 hours, though it remains down 2% in the last seven days. Trading volume has surpassed $225 million, reflecting ongoing market interest.
Bullish Patterns, But Market Caution
Following the breakout, BONK also formed a bullish flag pattern, a consolidation setup that often precedes another upward push. The token is currently testing the upper boundary of this flag, a move that could confirm further upside if broken.
Additionally, BONK remains above its 200-day moving average, a signal of long-term strength. The Relative Strength Index (RSI) stands neutral, indicating a balanced demand-supply dynamic at current price levels.
However, caution remains in the derivatives market. According to CoinGlass, BONK’s futures open interest is at $29 million, significantly lower than its July peak of $73 million. This decline suggests reduced trader participation and weaker risk appetite.
Crypto analyst @AltwolfCrypto offered a more cautious view, stating:
“Bullish only on reclaim of 1D 200EMA + .000022$… We’re down 50%+ in a heavy downtrend.”
He emphasized that BONK must reclaim key resistance levels before a definitive bullish trend can be confirmed.
Institutional Monitoring
In a noteworthy development, BONK was recently added to Grayscale’s asset tracking list. While this does not represent direct investment, it signals growing institutional awareness of the token.
Looking ahead, market participants are closely watching whether BONK can sustain its neckline support and break above its bullish flag structure. A successful breakout could validate bullish projections and push BONK toward a potential 100% rally.
