BONK's Price Surges 20% Since April, Eyes $0.00002100

BONK, a meme coin based on the Solana blockchain, has been a focal point of interest within the cryptocurrency community. Following a surge in popularity earlier this year, BONK's momentum has since stabilized, leading to a period of sideways movement. However, recent chart patterns have reignited trader interest, with many speculating whether BONK is poised for another upward trajectory or if the recent gains were merely a temporary spike.

On the daily chart, BONK is currently trading around $0.00001708, having steadily risen since early April. The price has formed higher lows and is testing a critical resistance zone. Notably, BONK has closed above both the 50-day and 100-day simple moving averages (SMAs), which are positioned at approximately $0.00001368 and $0.00001480, respectively. This crossover is traditionally seen as a bullish indicator, suggesting growing strength. However, the 200-day SMA, at around $0.00002397, presents a longer-term resistance. The current price action resembles a flag or pennant pattern, a classic continuation signal. If bulls can push BONK above the $0.00001850 level, a sharp move toward $0.00002100–$0.00002300 could follow in the coming days. The Accumulation/Distribution Line (ADL) is rising steadily, confirming buying interest and supporting the potential for a breakout continuation.

On the hourly chart, BONK recently faced rejection at around $0.00001739 after attempting to break above local resistance. The moving average (MA) ribbon shows a bearish alignment as the price slipped back below the 100-hour SMA ($0.00001725) and is now hovering just above the 50-hour SMA. Despite short-term volatility, BONK has formed a base above $0.00001650 multiple times, creating a reliable support zone. The price action has also shown multiple bullish engulfing candles near the $0.00001660–$0.00001680 area, indicating buyers are absorbing the dips. However, a drop below $0.00001650 could lead to a short-term retracement toward $0.00001550 or even $0.00001500. If BONK can reclaim the $0.00001750 level convincingly, the hourly trend could flip bullish, setting the stage for retesting $0.00001800–$0.00001850 soon.

Looking ahead to late May 2025, if the broader crypto market remains stable and BONK maintains its current trend above the 50-day SMA on the daily timeframe, there is a strong chance it could revisit the $0.00002000–$0.00002300 zone. This rally is contingent on a breakout above the descending resistance line and consistent volume backing the move. BONK's popularity, meme coin appeal, and ecosystem activity on Solana could catalyze another rally. However, without strong momentum or a clear breakout above current resistance levels, the coin might remain rangebound between $0.00001600–$0.00001800 for the next few days.

From a technical standpoint, BONK shows promise on the daily chart with bullish crossover signals and improving ADL strength. Short-term resistance still poses a challenge, and the hourly chart reveals indecisiveness. A clear break above $0.00001850 would be the key signal to watch for a trend continuation toward $0.00002000+. Until then, traders should stay cautious but hopeful as BONK edges closer to another potential breakout moment.