Key takeaways:
BONK worth is up 73% since April 22, hitting a five-month excessive of $0.00002167.
BONK’s open curiosity surged 290% to $43.2 million.
Bonk (BONK), the second-largest Solana-based memecoin by market capitalization, is on monitor to proceed the restoration it started on April 22. BONK has climbed roughly 73% from its April 22 low of round $0.00001247, bringing its worth as much as an intraday excessive of $0.00002167 on April 28.
Knowledge from Cointelegraph Markets Professional and TradingView exhibits BONK buying and selling at $0.00001923, up 3% over the 24 hours and 60% during the last seven days.
BONK’s buying and selling quantity has jumped 98% during the last 24 hours to $478 million, and its market capitalization additionally jumped, briefly touching $1.7 billion on April 28, earlier than retracing to the present stage of $1.5 billion.
Let’s study the components which have fueled BONK’s worth momentum during the last week.
Memecoins recuperate throughout the board
BONK’s rally during the last seven days mirrors the bullish worth actions throughout the broader crypto market, together with the memecoin sector. Most memecoins have posted double-digit good points during the last week. DOGE and Shiba Inu (SHIB), the main memecoins, have jumped 3% and 5% during the last seven days.
Official Trump (TRUMP), the memecoin related to US President Donald Trump, has recorded 73% weekly good points, whereas Base’s Brett (BRETT) has rallied 83% over the identical interval.
This widespread rally has pushed the entire memecoin market worth to $55.51 billion, a 17.5% leap up to now week, as per CoinMarketCap knowledge.
Over $7.96 billion in memecoin buying and selling quantity was recorded up to now seven days alone, representing an 85% weekly change. The resurgence is pushed by traders as soon as once more embracing risk-on belongings like memecoins.
Rising open curiosity backs BONK’s rally
The surge within the worth of Bonk during the last seven days comes after a big soar in its open curiosity (OI).
BONK’s whole OI on all exchanges rose 290% from $11 million on April 22 to $43.2 million on April 26. Though this metric has since dropped to $28 million on the time of writing, it stays considerably larger than the OI seen since December 2024.
Rising open curiosity displays rising dealer participation in BONK futures, indicating heightened speculative exercise.
Knowledge from CoinGlass exhibits rising demand for leveraged lengthy positions in BONK over the previous few days, as indicated by the OI-weighted futures funding charge.
Rising funding charges normally counsel that futures merchants are bullish, anticipating future worth will increase, which can point out a continuation of the uptrend.
BONK’s social dominance stays excessive, suggesting excessive social exercise. Santiment knowledge exhibits BONK’s social dominance spiking from 0.091% to 0.572% between April 20 and April 26, pushed by BONK’s ecosystem buzz.
This surge in chatter on social media platforms displays rising retail and institutional curiosity, amplifying FOMO and driving demand.
BONK breaks out of a multimonth downtrend
On April 13, BONK worth broke out of a descending parallel channel, igniting power that noticed it flip the 50-day and 100-day exponential shifting averages (EMAs) to help.
The bulls will seemingly proceed the rebound towards the numerous resistance stage at $0.00002410 (200-day SMA) within the quick time period. A day by day candlestick shut above this stage, accompanied by excessive quantity, may see BONK rise towards the Jan. 19 vary excessive close to $0.000040. This may characterize a 104% improve from the present worth.
The sharp rise within the relative power index and its place at 71 within the overbought area reinforces the consumers’ dominance out there.
Nonetheless, the overbought situations may facilitate profit-taking, occasioning a slight correction earlier than BONK continues its uptrend.
“$BONK’s descending trendline bought cleared,” declared fashionable analyst World of Charts in an April 28 submit on X, “anticipating 2x within the coming days.”
In the meantime, Crypto Joe noticed BONK breaking out of a bullish pennant within the 30-minute timeframe concentrating on $0.00002690.
This text doesn’t comprise funding recommendation or suggestions. Each funding and buying and selling transfer includes threat, and readers ought to conduct their very own analysis when making a call.
