TLDR:
- BONK price has risen approximately 73% since April 22, hitting a five-month high of $0.00002167
- BONK’s futures open interest surged 290% to $43.2 million, showing increased trader participation
- The rally coincides with broader memecoin market recovery, with total memecoin market value reaching $55.51 billion
- BONK broke out of a descending parallel channel on April 13, flipping key moving averages to support
- Technical analysts suggest potential for continued upward momentum toward the $0.00002410 resistance level
BONK (BONK), Solana’s second-largest memecoin by market capitalization, has staged an impressive recovery over the past week, climbing approximately 73% from its April 22 low of around $0.00001247 to an intraday high of $0.00002167 on April 28.
The price surge has been accompanied by a 98% jump in trading volume over 24 hours, reaching $478 million.
BONK’s market capitalization briefly touched $1.7 billion on April 28 before retracing to $1.5 billion at the time of writing.
The rally marks a turning point after several months of downward price action that began following BONK’s all-time high of $0.00005916 in November 2024.
By early April 2025, BONK had fallen to lows of $0.00000885, representing an almost 85% decline from its peak.
Market-Wide Memecoin Recovery
BONK’s upward momentum mirrors a broader recovery across the memecoin sector, with most tokens posting double-digit gains over the last week.
Industry leaders like Dogecoin (DOGE) and Shiba Inu (SHIB) have seen increases of 3% and 5% respectively over the seven-day period.
Other memecoins have shown even stronger performance, with Official Trump (TRUMP) recording 73% weekly gains and Base’s Brett (BRETT) rallying 83% during the same timeframe.
This widespread rally has pushed the total memecoin market capitalization to $55.51 billion, representing a 17.5% increase in just one week.
Trading volume across the memecoin sector has been equally impressive, with $7.96 billion recorded in the past seven days alone—an 85% weekly change.
The resurgence seems driven by investors once again embracing higher-risk assets like memecoins as overall market sentiment improves.
Technical Indicators Show Strength
A key factor in BONK’s recent price performance has been the dramatic increase in open interest (OI) across exchanges.
BONK’s total OI rose 290% from $11 million on April 22 to $43.2 million on April 26, though it has since retraced to $28 million.
This metric remains much higher than levels seen since December 2024, reflecting growing trader participation in BONK futures.
Data also shows increasing demand for leveraged long positions, as indicated by the OI-weighted futures funding rate, suggesting traders are bullish on future price movements.
On April 13, BONK price broke out of a descending parallel channel, demonstrating strength that allowed it to flip both the 50-day and 100-day exponential moving averages (EMAs) to support.
The relative strength index has risen sharply and sits at 71 in the overbought region, reinforcing buyer dominance in the market.
Popular analyst World of Charts noted the clearing of BONK’s descending trendline, predicting a potential doubling in price “in the coming days.”
Another analyst, Crypto Joe, identified BONK breaking out of a bullish pennant pattern in the 30-minute timeframe, with a target of $0.00002690.
Technically, the next major resistance level sits at $0.00002410, corresponding to the 200-day simple moving average (SMA).
A daily close above this level with strong volume could see BONK target the January 19 range high near $0.000040—representing a potential 104% increase from current levels.
The overbought conditions could, however, lead to some profit-taking and a minor correction before the uptrend resumes.
Solana Ecosystem Strength
BONK’s resurgence hasn’t occurred in isolation. Its recovery coincides with growing activity across the Solana network and increased development in its decentralized finance ecosystem.
As the Solana blockchain experiences renewed interest and utility, tokens within its ecosystem, including BONK, have begun to benefit from positive spillover effects.
This ecosystem-wide recovery suggests that BONK’s price action may be tied to broader fundamentals rather than purely speculative trading.
Social media metrics support this view, with BONK’s social dominance increasing from 0.091% to 0.572% between April 20 and April 26, reflecting rising retail and institutional interest.
Currently trading at $0.00001923, BONK is up 3% over 24 hours and 60% over the last seven days, maintaining strong momentum even as the broader crypto market continues its recovery from early April lows.
Despite the impressive 67% weekly gain, BONK still remains well below its all-time high from November 2024, leaving room for potential further recovery if market conditions remain favorable.
The current price action has brought BONK above the daily SMA 50 at $0.00001252, a level that had capped its price since December 2024.
Whether this rally represents a temporary bounce or the beginning of a sustained recovery for the Solana-based memecoin will likely depend on the continued performance of the Solana blockchain, broader sentiment toward memecoins, and overall market conditions.
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