Over the past week, BONK, a Solana-based memecoin, has recorded a staggering 60% price surge, reigniting interest in the previously subdued memecoin market. Since April 22, BONK's price skyrocketed 73%, peaking at $0.00002167 on April 28—its highest level in five months.
Latest Data
- Current Price: $0.00002008 (Rp0.3375), down 3.8% in 24 hours but up 58% weekly.
- Trading Volume: $399.78 million.
- Market Cap: Briefly touched $1.7 billion before settling at $1.5 billion.
What’s Driving the Rally?
The surge reflects a broader revival of Solana-based memecoins, fueled by retail and institutional interest. Key indicators:
- Open Interest: Jumped 290% in 5 days (from $11M to $43.2M).
- Social Dominance: Rose from 0.091% to 0.572% (April 20–26).
Other memecoins like DOGE and SHIB also gained 3% and 5%, respectively, while Official Trump (TRUMP) surged 68%.
BONK Breaks Negative Trend, Eyes Further Gains
On April 13, BONK broke out of a descending parallel channel, signaling bullish momentum. It has since flipped the 50-day and 100-day EMAs into support levels.
Next Targets
- Immediate resistance: $0.00002410 (200-day SMA).
- Potential upside: $0.000040 (104% rise from current price).
Technical Indicators
- RSI: 71 (overbought), suggesting short-term profit-taking before continued uptrend.
Expert Insights
- World of Charts: "BONK’s descending trendline is broken. Expect 2x growth soon."
- Crypto Joe: Identified a bullish pennant pattern targeting $0.00002690.
FAQ
- What is BONK? A Solana memecoin launched in late 2021, now experiencing renewed hype.
- Why are memecoins rising? Speculative demand, positive sentiment, and social media buzz.
- Can BONK keep rising? Volatility remains high; potential for gains but also corrections.
- What is Open Interest? Measures active futures contracts, indicating trader participation.
Disclaimer: Crypto investments carry risks. DYOR before trading.