Bonk (BONK) surged 9.87% to $0.00001494 on July 2, extending recent gains across the Solana meme token space, according to CoinDesk Research's technical analysis model.

The move came amid fresh attention to Tuttle Capital’s proposed 2x Long BONK ETF, which has taken a procedural step forward but remains unapproved.

Tuttle Capital originally filed a Form N-1A on Jan. 27, for a suite of leveraged ETFs, including a 2x Long BONK product. On July 1, the firm submitted a post-effective amendment stating that the ETF could become effective no sooner than July 16. This means the product could launch after that date, pending regulatory clearance and operational readiness. The filing includes similar 2x long exposure funds for other assets, including SOL, TRUMP, MELANIA, XRP, ADA and LTC.

This update has rekindled investor interest in BONK, reflecting broader appetite for structured meme coin exposure via traditional financial instruments. However, the ETF is not yet approved, and the July 16 date only marks the earliest possible activation under current SEC procedures.

Elsewhere, BONK developers announced that the Saga phone token redemption program will officially end on July 31. Of the 20,000 allocations, roughly 17,599 have been claimed. Unclaimed tokens will be returned to the BONK DAO and earmarked for future ecosystem development. This change coincides with the launch of the Solana Seeker phone, signaling a transition in Solana Mobile’s device cycle.

Meanwhile, the Solana network continues to grow. DeFi Development Corp has joined as a validator, boosting infrastructure decentralization. The broader network has now surpassed 350 on-chain integrations, increasing the visibility and utility of tokens like BONK across DeFi and Web3 use cases.

Technical Analysis Highlights

• BONK climbed from $0.0000136 to a peak of $0.00001524, up 12.1%, before closing at $0.00001494.
• Price broke through resistance at $0.0000144 during the 16:00 UTC hour on strong volume of 1.38 trillion.
• A head-and-shoulders pattern formed between 16:48 and 17:47 UTC, indicating potential exhaustion.
• Breakdown below $0.00001500 saw heavy selling, with 73.9 billion in volume during the 17:39 candle.
• Support is now seen around $0.0000142, bolstered by high-volume buying during the 13:00 hour.
• Volatility and volume remain elevated, suggesting continued short-term speculation.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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