BONK Price Surges 60% in a Week as Solana Memecoins Stage a Remarkable Comeback

Is the memecoin rally back in full swing? Solana’s second-largest memecoin, Bonk (BONK), has surged 60% in just seven days, hitting a five-month high of $0.00002167. With open interest exploding by 290% and trading volume nearing $500 million, BONK’s resurgence signals a broader revival in the memecoin market. What’s driving this explosive growth, and can the momentum sustain?

Memecoins Recover Across the Board

BONK’s rally is far from an isolated event. The broader memecoin sector has witnessed a significant rebound, with top players like Dogecoin (DOGE) and Shiba Inu (SHIB) posting gains of 3% and 5%, respectively, over the past week. Meanwhile, niche memecoins like Official Trump (TRUMP) and Base’s Brett (BRETT) have skyrocketed by 73% and 83%, showcasing the sector’s renewed vigor.

The total memecoin market capitalization has leaped 17.5% to $55.51 billion, accompanied by an 85% spike in weekly trading volume to $7.96 billion. This resurgence highlights investors’ renewed appetite for high-risk, high-reward assets, with Solana-based tokens leading the charge.

Increasing Open Interest Backs BONK’s Rally

BONK’s price surge is underpinned by a dramatic rise in open interest (OI), which soared 290% from $11 million on April 22 to $43.2 million by April 26. Although OI has since retraced to $28 million, it remains well above levels seen since December 2024, signaling sustained trader engagement.

Futures market data reveals a bullish bias, with funding rates turning positive as traders pile into leveraged long positions. This optimism is further reflected in BONK’s social dominance, which spiked from 0.091% to 0.572% between April 20–26, per Santiment. The memecoin’s buzz on social media platforms has amplified FOMO, driving retail and institutional interest alike.

BONK Breaks Out of a Multi-Month Downtrend

Technically, BONK’s breakout from a descending parallel channel on April 13 marked a pivotal shift in momentum. The token has since flipped the 50-day and 100-day exponential moving averages (EMAs) into support, with bulls now eyeing the 200-day SMA at $0.00002410. A decisive close above this level could propel BONK toward its January high of $0.000040—a 104% upside from current prices.

Analysts are bullish. World of Charts noted BONK’s breakout from a descending trendline, forecasting a potential 2x surge. Crypto Joe identified a bullish pennant formation on the 30-minute chart, targeting $0.00002690. However, the RSI at 71 warns of overbought conditions, suggesting a short-term pullback may precede further gains.

Conclusion: Is the Memecoin Rally Sustainable?

BONK’s 60% weekly surge reflects a perfect storm of technical breakouts, futures market activity, and social media hype. While the memecoin’s momentum is undeniable, traders should remain cautious. Overbought conditions and profit-taking risks could trigger corrections, but the broader market’s risk-on sentiment may continue to fuel rallies.

Key Takeaways:

• BONK’s price surged 60% in a week, mirroring a memecoin market rebound.
• Open interest and social dominance spikes indicate strong speculative interest.
• A breakout above $0.00002410 could open the path to $0.000040.

For traders, the key lies in monitoring OI trends and funding rates—while the memecoin mania is back, volatility remains king.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.