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

The cryptocurrency market is witnessing a resurgence in memecoins, with Solana-based BONK leading the charge. Over the past week, BONK’s price has skyrocketed by 60%, hitting a five-month high and reigniting interest in the broader memecoin sector. What’s driving this explosive growth, and can the momentum sustain?

Key Takeaways

• BONK price surged 73% since April 22, reaching $0.00002167.
• Open interest (OI) for BONK futures jumped 290% to $43.2 million.
• Memecoins across the board are rallying, with the sector’s market cap up 17.5%.

Memecoins Recover Across the Board

The recent rally in BONK is part of a broader recovery in the memecoin market. Leading memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) have posted gains of 3% and 5%, respectively, over the past week. Meanwhile, niche memecoins such as Official Trump (TRUMP) and Brett (BRETT) have surged by 73% and 83%, showcasing the sector’s renewed vigor.

The total market capitalization of memecoins has climbed to $55.51 billion, marking a 17.5% weekly increase. Trading volume has also spiked, with over $7.96 billion recorded in the past seven days—an 85% surge. This resurgence highlights a renewed appetite for high-risk, high-reward assets among traders.

Increasing Open Interest Backs BONK’s Rally

One of the most compelling indicators of BONK’s bullish momentum is the dramatic rise in its open interest (OI). Between April 22 and April 26, BONK’s OI surged by 290%, from $11 million to $43.2 million. Although it has since retraced to $28 million, this metric remains significantly higher than levels seen since December 2024.

Rising OI signals growing trader participation in BONK futures, reflecting heightened speculative interest. Additionally, the funding rate for BONK perpetual contracts has turned positive, indicating that traders are increasingly betting on further price appreciation.

BONK Breaks Out of a Multi-Month Downtrend

From a technical standpoint, BONK has broken out of a descending parallel channel that had constrained its price action for months. This breakout has allowed the token to reclaim key moving averages, including the 50-day and 100-day EMAs, as support.

The next critical resistance level lies at $0.00002410 (200-day SMA). A decisive close above this level could propel BONK toward its January high of $0.000040, representing a potential 104% upside from current prices.

Analysts Bullish on BONK’s Prospects

Prominent crypto analysts have also chimed in on BONK’s breakout. World of Charts noted that BONK’s descending trendline has been cleared, predicting a 2x surge in the coming days. Meanwhile, Crypto Joe identified a bullish pennant formation on the 30-minute chart, setting a near-term target of $0.00002690.

Conclusion: Is BONK’s Rally Sustainable?

The recent surge in BONK’s price is backed by strong fundamentals, including rising open interest, bullish technicals, and a resurgent memecoin market. However, traders should remain cautious, as overbought conditions (RSI at 71) could trigger a short-term pullback before the uptrend resumes.

For those considering entering the market, monitoring key resistance levels and funding rates will be crucial. The memecoin frenzy is back—but as always, DYOR (Do Your Own Research) before making any investment decisions.

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.