Bonk (BONK), the popular Solana-based meme coin, is on the verge of a massive price crash. This bearish outlook emerges during a period when major cryptocurrencies are experiencing massive sell-offs and price crashes.
BONK Technical Analysis and Upcoming Level
According to expert technical analysis, BONK appears bullish but is currently at a make-or-break level of $0.0000095. The daily chart shows multiple bullish signals, such as bullish divergence and the formation of a bullish double-bottom price action pattern.
Source: Trading View
However, the ongoing market sentiment and downward momentum in major assets like Bitcoin (BTC) and Ethereum (ETH) seem to be influencing other cryptocurrencies, especially those with a small market cap like BONK.
Based on recent price action and historical momentum, this key level has consistently acted as strong support. Since December 2023, BONK has experienced multiple upward moves after bouncing from this level. Meanwhile, experts and traders are also expecting a similar move in the meme coin.
However, given the current unfavorable market sentiment, BONK’s bullish outlook appears to be challenging.
The daily chart reveals that if BONK fails to hold this level and closes a daily candle below $0.0000088, it could drop by 38% to reach the next support at $0.0000055 in the future. However, if the meme coin holds this level, there is also a possibility that history will repeat and BONK will once again see an upside rally.
BONK Price and Volume Drop
At press time, BONK is trading near $0.000009677 and has recorded a price decline of over 5.50% in the past 24 hours. Meanwhile, during the same period, its trading volume dropped by 55%, indicating lower participation from traders and investors, potentially due to the current market sentiment.
Traders Lean Bearish on BONK
Given the strong bearish market and downward momentum in BONK, traders seem to be dominating the asset by heavily betting on the bearish side, as reported by the on-chain analytics firm Coinglass.
Data reveals that traders are over-leveraged at $0.0000095 on the lower side (support), where only $11.30K worth of long positions have been built. In contrast, $0.00001062 is another over-leveraged level on the upper side (resistance), where traders have built $271.30K worth of short positions.
Source: Coinglass
Examining this on-chain metric, it appears that short sellers are currently dominating, with minimal interest in going long on BONK. This could easily push the meme coin lower and lead to a breach of its support level.
As Q2 began, the crypto market gained momentum, with many tokens showing strong performance in the latter half of April. Following Bitcoin’s lead, most altcoins have seen significant improvements, posting triple-digit gains. Some altcoins are even approaching their all-time highs, reflecting increased market optimism and growth.
BeInCrypto has analysed three such altcoins that are close to forming new all-time highs in the coming month.
Walrus (WAL)
WAL has surged by 50% over the past week, reaching a price of $0.622. This strong uptick also saw the altcoin hit a new all-time high (ATH) of $0.690. The recent gains reflect growing investor interest and confidence in the altcoin’s performance in the market.
Currently, WAL is just 11% away from breaching its ATH and potentially forming a new high at $0.750. However, this progress depends on sustaining the bullish momentum. If the market conditions remain favorable and buying pressure continues, WAL may break through this resistance and push toward the $0.750 target.
If investors decide to sell early and the bullish momentum fades, WAL could struggle to maintain its upward trend. A failure to break the $0.634 resistance level could lead to a drop to $0.546. This would invalidate the current bullish outlook and signal a potential correction in the altcoin’s price.
Saros (SAROS)
SAROS has not posted significant gains this month but did manage to hit a new all-time high (ATH) of $0.1712 before falling to $0.1311 at the time of writing. Despite the drop, the altcoin remains within a range that could allow for potential recovery and further price growth.
Currently, SAROS is facing resistance at $0.1344, and breaking through this level is crucial for the altcoin to return to its ATH of $0.1712. A successful breach would open the path toward $0.2000, providing the altcoin with a strong opportunity for continued upward movement if the bullish momentum sustains.
If SAROS fails to breach the $0.1344 resistance, it could remain consolidated above $0.1153. A failure to hold above this level would put the bullish outlook at risk, potentially leading to further downward movement and invalidating any potential for short-term growth.
BNB
BNB is currently priced at $609, needing a 30% rise to reach its all-time high (ATH) of $793. However, achieving this requires strong market conditions and investor support, both of which have been lacking throughout April. A sustained rally would be crucial for the altcoin to reclaim its ATH.
Currently trapped under a nearly five-month downtrend, BNB faces significant resistance. A 30% rally would be needed to break through this trend and reach $793. If BNB can surpass the $700 mark, it would confirm that the altcoin is on track to challenge its previous ATH and establish a new high.
However, BNB is struggling to gain traction among investors, making such a rise difficult. Failing to breach the $618 resistance could result in a decline, with BNB potentially falling below $600. If this occurs, BNB could slide toward $576, further invalidating the bullish outlook and prolonging its downtrend.
XRP
XRP is breaking out of a descending wedge pattern that has held since the start of the year. Currently trading at $2.28, the altcoin is heading toward the $2.40 resistance level. A successful breakout would indicate the potential for continued upward momentum, boosting optimism among investors.
Despite the recent surge, XRP is still more than 48% away from its all-time high (ATH) of $3.40. A sustained rally or bull run could propel XRP toward its ATH, especially if the current breakout is confirmed. Successfully flipping $2.56 into support would indicate that further gains are likely.
If XRP fails to breach the $2.40 resistance, a price reversal could occur, leading to a decline back to $2.02. Such a move would invalidate the bullish outlook, and XRP could fall back into the descending wedge pattern.
Coinbase CEO Brian Armstrong is turning up the heat on Washington. In a clear and urgent call, he’s asking the U.S. Senate to pass the bipartisan GENIUS Act – a bill that could finally bring clear rules to the world of stablecoins.
Why now? Armstrong says the clock is ticking. Without strong legislation, the U.S. risks falling behind as crypto innovation speeds ahead globally. But with the GENIUS Act, there’s a chance to boost growth, protect users, and give the industry the regulatory clarity it’s been begging for.
So, what’s really in this bill? And why are some lawmakers hesitant to back it? Let’s break it down.
Armstrong Calls for Senate Action on GENIUS Act
In a recent post on X, Armstrong highlighted the importance of the GENIUS Act, stating, “We strongly support the Senate starting debate on the GENIUS Act – and we need 60 votes to get there.”
Congress has a real opportunity this week to advance stablecoin and market structure legislation. We strongly support the Senate starting debate on the GENIUS Act — and we need 60 votes to get there. We also welcome House efforts to build on FIT21’s momentum. Both chambers need…
He’s urging both chambers of Congress to move quickly and pass comprehensive crypto legislation before the August recess. His appeal reflects a broader industry sentiment: regulation is needed – not to stifle growth, but to support it.
What Exactly Is the GENIUS Act?
The GENIUS Act proposes a national regulatory framework for stablecoins, one of the most critical components of the crypto ecosystem.
Under the bill:
Stablecoin issuers would need a national license
All stablecoins must be fully backed 1:1 by U.S. dollars, insured bank deposits, or short-term U.S. Treasury securities
A three-year transition period would be provided for digital asset service providers to comply
The goal? Build consumer trust while giving businesses the stability they need to operate legally and confidently in the U.S.
Democrats Raise Concerns Over The Act
With initial bipartisan support, the GENIUS Act faces challenges as some Senate Democrats do not stand by the bill. Why? They cited worries over national security and the need for stronger provisions on anti-money laundering.
This resistance could stall momentum, despite growing calls from the crypto industry and regulatory reform advocates to act fast.
‘Most Important Crypto Bill in Years’ Says Gage Salicki
Crypto analyst Gage Salicki took to X and called the GENIUS Act “the most important U.S. crypto bill in years.” He praised its bipartisan nature and its potential to finally bring regulatory clarity to stablecoins, which currently operate in a largely grey area.
For an industry that’s been waiting on clear guidelines, Salicki’s words ring loud and clear: this bill could be a game-changer.
What’s Next? Will the GENIUS Act Become Law?
As the Senate shows interest in the GENIUS Act, the outcome will greatly influence the flow of stablecoin regulation in the United States. Armstrong’s advocacy highlights the crypto industry’s desire for clear and supportive regulatory conditions to drive growth and customer trust.
The crypto community, investors, and innovators alike are watching closely.
The post Coinbase CEO Brian Armstrong Calls on Congress to Approve GENIUS Act, Warns of Crypto Risks appeared first on Coinpedia Fintech News
Coinbase CEO Brian Armstrong is turning up the heat on Washington. In a clear and urgent call, he’s asking the U.S. Senate to pass the bipartisan GENIUS Act – a bill that could finally bring clear rules to the world of stablecoins. Why now? Armstrong says the clock is ticking. Without strong legislation, the U.S. …
Several ecosystems will make headlines this week as part of the top crypto news list. Knowing about these events in advance can help traders and investors position their portfolios strategically to capitalize on the expected price movement.
Based on crypto’s adage to buy the rumor and sell the news situation or event, traders and investors can front-run the following events this week.
The Bitcoin Act Bill to Buy 1 Million BTC
The BITCOIN Act of 2025 is the top crypto news story this week. Introduced by Senator Cynthia Lummis, the bill proposes the US Treasury acquire 1 million Bitcoin (BTC) over five years to establish a Strategic Bitcoin Reserve, mirroring the scale of US gold reserves.
“Sen Lummis says Trump backs Bitcoin act—bill to buy 1M BTC hits floor next week,” Crypto Goos reported.
Reintroduced in March 2025, the bill gained traction after President Trump’s executive order supporting a federal Bitcoin reserve. The act mandates secure, decentralized storage across the US, with a 20-year minimum holding period and transparency via proof-of-reserve (PoR) audits.
Funding would come from Federal Reserve (Fed) remittances and revaluing gold certificates. While Trump’s backing boosts momentum, passage remains uncertain due to legislative hurdles and debates over fiscal impact.
If passed, it could position Bitcoin as a formal reserve asset, potentially driving a price surge. It would also reinforce US financial leadership.
“By codifying this effort into law, we can ensure that our nation leverages digital assets to strengthen our financial future while maintaining its global leadership,” Senator Lummis said in a statement.
As of this writing, Bitcoin traded for $105,082, up by 0.69% in the last 24 hours.
Infinex’s Airdrop for KAITO Stakers
Another top crypto news story this week concerns Infinex. The multi-chain crypto platform announced a significant airdrop for KAITO stakers.
“For those of you staking KAITO, the airdrop will occur next week. We recommend you have your Genesis NFTs in the same wallet as your sKAITO, as the snapshot will happen soon,” Infinex wrote in a post.
The airdrop follows a $6 million token distribution in May 2025, which propelled Infinex to the top spot on Kaito’s sentiment rankings, with trading volume surging 320% to $18 million within hours.
KAITO, an AI-driven crypto analytics platform, rewards user engagement, and this crypto airdrop targets its stakers, offering tokens to boost ecosystem participation.
Infinex’s non-custodial wallet supports EVM chains and Solana, integrating staking and trading with a user-friendly interface. The airdrop aims to drive liquidity and attract speculators, though historical data suggests potential post-airdrop price volatility.
Infinex Wallet Adding Avalanche Support
Beyond crypto airdrops for KAITO stakers, Infinex will also add support for the Avalanche blockchain, expanding its multi-chain wallet capabilities.
“We have received proof of patron from Emin Gün Sirer. Avalanche incoming on Infinex next week,” wrote Infinex Kain.avax.
Emin Gün Sirer is the founder and CEO of Ava Labs and developed the Avalanche Consensus protocol underlying the Avalanche blockchain platform.
Avalanche’s high-throughput, low-latency network will enable Infinex users to trade, stake, and bridge assets seamlessly, tapping into Avalanche’s DeFi and NFT ecosystems.
Meanwhile, Infinex’s passkey-based security and gas-free transactions aim to simplify the user experience and compete with centralized exchanges (CEXs).
The integration could drive trading volume in AVAX and related tokens, with Infinex’s prior $6 million airdrop showing 320% volume spikes. Staking opportunities may also extend to Avalanche assets, attracting yield farmers.
Traders should monitor AVAX price action and Infinex’s token (INF) for potential volatility post-launch.
Ethereum’s New Initiative with Base
Also among the top crypto news this week, Ethereum is expected to announce a new initiative in collaboration with Base, Coinbase’s layer-2 scaling solution.
Base, built by Coinbase, enhances Ethereum’s scalability with low-cost, fast transactions while maintaining security. The initiative may focus on advancing DeFi or NFT ecosystems, given Base’s integration with Ethereum’s mainnet.
“Next week, in collaboration with Base and Ethereum, we are pushing a new initiative (for the culture). So look out for that,” Ethereum.org wrote on May 30.
The collaboration could involve new dApps, staking enhancements, or cross-chain interoperability, building on Base’s support for Optimism’s tech stack. This aligns with Ethereum’s broader push to improve user experience and reduce gas fees, potentially boosting adoption.
World Computer Summit
Another top crypto news this week concerns the World Computer Summit, starting Wednesday, June 3, hosted by DFINITY Foundation in Zurich, Switzerland.
Posts on X suggest that the event will feature major announcements and decentralized computing. It celebrates the fourth anniversary of the Internet Computer Protocol (ICP).
“What is the World Computer Summit 2025? It’s a global gathering of builders, thinkers, visionaries reimagining the internet for a decentralized world. Held in Zurich on June 3, it marks 4 years of the Internet Computer Protocol,” wrote Miss Knighty, a popular user on X.
The summit could reveal advancements in Web3, AI, and blockchain interoperability. Projects like Internet Computer (ICP) may unveil updates on decentralized AI or global compute networks, given their focus on a “World Computer” vision.
Internet Computer (ICP) price performance. Source: BeInCrypto
Past summits have driven market activity, with tokens like ICP seeing surges post-announcements. As of this writing, ICP traded for $4.93, up nearly 1% in the last 24 hours.
$46 Million TAIKO Unlock
Meanwhile, with key token unlocks to watch this week, the Ethereum-based L2 scaling solution, Taiko, will unlock $46 million worth of TAIKO tokens on June 5. This unlock will constitute over 69% of its circulating supply.
Taiko’s total supply is 1 billion, with 241 million tokens currently circulating. The unlock of 21.84 million tokens, valued at $42 million in August 2024, suggests a rising token price. With 81.55 million TAIKO tokens unlocked on Thursday, volatility is expected, especially if recipients cash in for early gains.
NotabThesens will be allocated to investors, protocol guild airdrop, and Taiko Labs, constituting the core team.
