BONK, the Solana-based meme token, recorded a sharp 12% rally in the last 24 hours, following a major development: Grayscale Investments has added BONK to its institutional monitoring list. This move has triggered a wave of investor interest, hinting at a potential shift in how Wall Street views meme coins.
Institutional Interest Fuels BONK Rally
On July 13, around 15:00 UTC, BONK began gaining momentum. By 05:00 UTC on July 14, the token had surged from $0.0000250 to $0.0000281, before consolidating at $0.0000265, marking a 6.2% net gain.
Grayscale’s decision to include BONK in its monitoring framework for potential fund products acted as the primary catalyst. This addition has been interpreted as a signal of growing institutional confidence in meme-driven assets—especially those with high community engagement and significant liquidity.
Record Trading Volume: 2.6 Trillion BONK
During the rally, BONK saw a record 2.6 trillion tokens traded, more than double its usual daily average. This volume spike coincided with peak trading hours, reflecting high-conviction buying from both retail and institutional participants.
Key Support and Resistance Levels
- Support Zone: BONK formed a strong base between $0.0000261 and $0.0000264, a level that has seen multiple successful retests.
- Resistance Zone: The price was rejected at $0.0000281, confirming a temporary ceiling. A decisive close above this level could trigger the next breakout leg.
Technical Analysis Insights
- Volatility Range: BONK traded between $0.0000247 and $0.0000281, representing a 14% intraday range.
- Volume Surge: The token hit peak liquidity at 05:00 UTC, driven by large inflows from speculative and institutional buyers.
- Intraday Fluctuations: A brief sell-off to $0.0000260 during the final hour of trading was quickly absorbed, with over 75 billion tokens bought back, suggesting robust demand at lower levels.
What’s Next for BONK?
With institutional watchers like Grayscale now tracking BONK, the token is gaining credibility beyond its meme origins. If price action can sustain above the $0.0000260 support, a retest of $0.0000281 is likely. A successful breakout may open the door to new all-time highs, especially as meme tokens continue to benefit from broader market risk-on sentiment.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.