Bonk's Price Surges 73% Amid Memecoin Market Rally

Bonk (BONK), the second-largest Solana-based memecoin by market capitalization, has experienced a significant price surge over the past week. Since April 22, BONK's price has increased by approximately 73%, reaching an intraday high of $0.00002167 on April 28. This rally has been driven by a broader bullish trend in the crypto market, particularly within the memecoin sector. Most memecoins, including leading ones like Dogecoin (DOGE) and Shiba Inu (SHIB), have posted double-digit gains over the last week. Official Trump (TRUMP), associated with former US President Donald Trump, has recorded 73% weekly gains, while Base’s Brett (BRETT) has rallied 83% over the same period. This widespread rally has pushed the total memecoin market value to $55.51 billion, a 17.5% leap in the past week.

The surge in BONK's price is also backed by a significant increase in its open interest (OI). BONK’s total OI on all exchanges rose 290% from $11 million on April 22 to $43.2 million on April 26. Although this metric has since dropped to $28 million, it remains significantly higher than the OI seen since December 2024. Rising open interest reflects growing trader participation in BONK futures, indicating heightened speculative activity. Data from CoinGlass shows increasing demand for leveraged long positions in BONK over the last few days, as indicated by the OI-weighted futures funding rate. Increasing funding rates usually suggest that futures traders are bullish, expecting future price increases, which may indicate a continuation of the uptrend.

BONK's social dominance remains high, suggesting high social activity. Santiment data shows BONK’s social dominance spiking from 0.091% to 0.572% between April 20 and April 26, driven by BONK’s ecosystem buzz. This surge in chatter on social media platforms reflects rising retail and institutional interest, amplifying FOMO and driving demand. On April 13, BONK price broke out of a descending parallel channel, igniting strength that saw it flip the 50-day and 100-day exponential moving averages (EMAs) to support. The bulls will likely continue the rebound toward the significant resistance level at $0.00002410 (200-day SMA) in the short term. A daily candlestick close above this level, accompanied by high volume, could see BONK rise toward the Jan. 19 range high near $0.000040. This would represent a 104% increase from the current price. The sharp rise in the relative strength index and its position at 71 in the overbought region reinforces the buyers’ dominance in the market. However, the overbought conditions could facilitate profit-taking, occasioning a slight correction before BONK continues its uptrend.

Analysts have also noted the bullish trend in BONK. Popular analyst World of Charts declared in an April 28 post on X, “$BONK’s descending trendline got cleared,” expecting a 2x increase in the coming days. Meanwhile, Crypto Joe spotted BONK breaking out of a bullish pennant in the 30-minute timeframe targeting $0.00002690. 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.