Bonk BONK/USD has risen sharply over the past week, with traders now anticipating a potential breakout.

If key resistance levels are cleared, many believe that a strong bullish run for Bonk could follow.

What Happened: Crypto trader CW notes that Bonk has broken out of a falling wedge pattern, a strong technical signal for an uptrend.

However, there are still two remaining sell walls at higher prices, which need to be evacuated for a clean breakout to confirm the start of a major rally.

Prominent trader Mayne sees Bonk as a leading indicator for meme coins, already up 70% after sweeping January 2024 lows.

While resistance remains, reclaiming it would confirm a bullish structure. However, if the market turns lower again, the next major support is significantly lower.

"Good barometer for memes. Up 70% after taking out all the lows going back to Jan 2024. Clear resistance above us to reclaim if we want to consider the bottom being in. If the market does rotate lower again next support is significantly lower."

Mayne added that Bonk is also outperforming other major meme coins such as Dogecoin and Shiba Inu.

Also Read: Bonk Leads Memecoin Rally As This Indicator Flashes ‘Buy,’ But Dogecoin, Shiba Inu Not Too Far Behind

"It’s one of the best-performing major meme coins by far. Still massively outperforming in this move."

Both traders' views suggest that Bonk could be setting up for further gains if it manages to overcome the remaining sell-side liquidity and key resistance levels.

However, if the momentum stalls and Bonk experiences a significant decline, it could have limited support in the mid-$0.04 to $0.03 range.

Why It Matters: Bonk has surged 26% over the past seven days, significantly outperforming Dogecoin and Shiba Inu, which rose about 6% and 4%, respectively, over the same period.

Prominent trader Unipcs noted that Bonk continues to show exceptional strength against Solana SOL/USD and other top meme coins, especially during market bounces.

According to the trader, it acts as a 3x leveraged bet on SOL without the risks of liquidation and remains the primary Solana meme coin, making it a clear proxy for betting on Solana’s growth.

"It's one of the best-performing coins in this move, especially during bounces. One of the few coins that managed to hold onto gains in this market."

Bonk has maintained a market cap of around $1 billion, while other meme coins faced steeper declines from their peaks. It is also one of the few meme coins with an ETF filing, with a decision expected by April, and its ETP has already been approved.

Moreover, BonkBot generates substantial buy/sell pressure, regularly burning large amounts of BONK, while its staking model reduces selling pressure without inflationary emissions.

With strong fundamentals and multiple catalysts ahead, BONK appears to be one of the best-positioned meme coins for a sector resurgence.