BONK price gains 60% in a week as Solana memecoins make a comeback

Key takeaways

• BONK price is up 73% since April 22, hitting a five-month high of $0.00002167.
• BONK’s open interest surged 290% to $43.2 million. 

Bonk (BONK $0.00001929), the second-largest Solana-based memecoin by market capitalization, is on track to continue the recovery it began on April 22. BONK has climbed approximately 73% from its April 22 low of around $0.00001247, bringing its price up to an intraday high of $0.00002167 on April 28.

Data from Cointelegraph Markets Pro and TradingView shows BONK trading at $0.00001923, up 3% over the 24 hours and 60% over the last seven days.

BONK/USD daily chart. Source: Cointelegraph/TradingView

BONK’s trading volume has jumped 98% over the last 24 hours to $478 million, and its market capitalization also jumped, briefly touching $1.7 billion on April 28, before retracing to the current level of $1.5 billion.

Let’s examine the factors that have fueled BONK's price momentum over the last week.

Memecoins recover across the board

BONK’s rally over the last seven days mirrors the bullish price movements across the broader crypto market, including the memecoin sector. Most memecoins have posted double-digit gains over the last week. DOGE and Shiba Inu (SHIB $0.00001359), the leading memecoins, have jumped 3% and 5% over the last seven days. 

Official Trump (TRUMP), the memecoin associated with US President Donald Trump, has recorded 73% weekly gains, while Base’s Brett (BRETT $0.06476) has rallied 83% over the same period. 

Performance of top-cap memecoins. Source: CoinMarketCap

This widespread rally has pushed the total memecoin market value to $55.51 billion, a 17.5% leap in the past week, as per CoinMarketCap data.

Memecoin market cap and volume. Source: CoinMarketCap

Over $7.96 billion in memecoin trading volume was recorded in the past seven days alone, representing an 85% weekly change. The resurgence is driven by investors once again embracing risk-on assets like memecoins.

Increasing open interest backs BONK’s rally

The surge in the price of Bonk over the last seven days comes after a significant jump 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 at the time of writing, 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.

BONK open interest across all exchanges. Source: CoinGlass

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.

BONK average perpetual contracts 8-hour funding rate. Source: CoinGlass

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. 

BONK social dominance and volume. Source: Santiment

This surge in chatter on social media platforms reflects rising retail and institutional interest, amplifying FOMO and driving demand.

BONK breaks out of a multimonth downtrend

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.

BONK/USD daily chart. Source: Cointelegraph/TradingView

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. 

“$BONK’s descending trendline got cleared,” declared popular analyst World of Charts in an April 28 post on X, “expecting 2x in the coming days.”

Meanwhile, Crypto Joe spotted BONK breaking out of a bullish pennant in the 30-minute timeframe targeting $0.00002690.

Source: Crypto Joe