Bonk (BONK) Sees Strong Price Recovery on Solana Blockchain
Bonk (BONK), a memecoin built on the Solana blockchain, has seen a strong price recovery since April 22. The token jumped nearly 57% from a low of $0.000012 to a high of $0.000021 on April 28, before settling around $0.000020. Over the past 24 hours, the token was up by 3%, and over the past week, it recorded a 60% gain.
BONK’s market capitalization briefly hit $1.7 billion on April 28 before pulling back to about $1.5 billion.
BONK’s rise comes during a wider market rebound for memecoins. Major tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) have also shown gains—up 9% and 10% respectively in the last seven days. Other meme tokens, such as Trump-themed token OFFICIAL TRUMP and Base’s Brett (BRETT), posted even higher weekly returns of 73% and 83%.
This renewed interest in memecoins has pushed the sector’s total market value to $57.51 billion. This is an increase of 17.5% in just one week. Total trading volume for meme tokens hit nearly $7 billion. This is up 85% from the previous week, as traders returned to riskier assets.
Futures Market Shows Strong Interest
Alongside price growth, BONK has also seen a sharp rise in futures market activity. Open interest (OI), which tracks the total value of open futures contracts, surged 290%. It rose from $11 million on April 22 to $43.2 million by April 26. Although OI has since declined to $28 million, it remains much higher than levels recorded since December 2024.
The increase in open interest suggests growing interest from traders betting on BONK’s price movements. Most of this demand has come from traders opening long positions, expecting prices to continue rising. Higher funding rates on futures contracts further support this bullish outlook.
BONK’s presence on social media has also grown. Between April 20 and April 26, its social dominance jumped from 0.091% to 0.572%. This means more people are talking about BONK across platforms like Twitter and Reddit, helping to build hype and attract more investors.
This increased chatter often leads to stronger price action as fear of missing out (FOMO) kicks in—especially among retail traders.
BONK Breaks Out of Downtrend, Technicals Signal Further Upside
On the 1-Day price chart, BONK has successfully broken out of a falling wedge pattern, a formation often considered bullish. The breakout occurred just above the resistance trendline drawn from the December 2024 high, confirming a potential trend reversal.
The price has moved above all key exponential moving averages (EMAs)—20, 50, 100, and 200-day—which now act as support. This alignment is known as a bullish EMA crossover and is typically viewed as a strong uptrend signal.
The Relative Strength Index (RSI) is currently around 70, suggesting BONK is in overbought territory. While this often precedes a short-term pullback, it also confirms strong buying momentum.
Notably, BONK found resistance near the $0.000021 level, which aligns with a previous support-turned-resistance zone from early January 2025. A confirmed breakout above this level could pave the way for a move toward the $0.000030 mark, which acted as a local top in December 2024.
If BONK retraces, support may be found at the $0.00001660 and $0.00001550 levels—marked by the 100-day and 200-day EMAs, respectively.