- BONK surged 73% from its April 22 low, backed by a breakout from a multi-month downtrend, rising buying and selling quantity, and powerful open curiosity progress in futures markets.
- Social buzz and funding charges are hovering, reflecting rising retail and dealer pleasure, with analysts eyeing potential upside targets of $0.00002410 and $0.000040.
- If momentum continues, BONK might rally additional, however short-term pullbacks might happen on account of overbought circumstances as RSI sits close to 71.
Bonk (BONK) — yep, that spicy little Solana memecoin — is heating up once more. After dipping to round $0.00001247 on April 22, the dog-themed token has surged again to $0.00001929 (give or take), marking a large 73% rebound in just below every week. At its peak on April 28, it even hit $0.00002167 earlier than cooling off a bit.
In keeping with CoinGecko, BONK is up round 3% within the final 24 hours and a juicy 60% on the weekly, at the moment sitting with a market cap of $1.5 billion — although it briefly flirted with $1.7B throughout the weekend pump.
Broad Memecoin Comeback
It’s not simply BONK. The complete memecoin sector is in rally mode, with cash like DOGE and SHIB posting reasonable positive factors, and newcomers like TRUMP and BRETT going full ship — up 73% and 83% on the week, respectively.
In complete, memecoin market cap jumped 17.5%, hitting $55.5 billion, whereas buying and selling quantity exploded to just about $8 billion, per CoinMarketCap. Yep, seems like retail’s feeling dangerous once more.
Open Curiosity Spikes
One huge metric that stands out? Open curiosity on BONK futures shot up 290%, from $11M to $43.2M between April 22 and April 26. It has since cooled to $28M, however that’s nonetheless means above earlier ranges.
Rising OI means merchants are loading up on positions — and on this case, principally longs, as indicated by funding charges pushing greater. In easy phrases? Merchants are betting BONK goes greater.
Social Buzz Is Off the Charts
In keeping with Santiment, BONK’s social dominance spiked from 0.091% to 0.572% in beneath every week. That’s loads of chatter. When a coin traits this tough, retail FOMO isn’t far behind — and that’s precisely what’s taking part in out.
Breaking Out: What’s Subsequent for BONK?
So technically talking, BONK’s wanting fairly good. On April 13, it broke out of a long-term downtrend, busting by each the 50-day and 100-day EMAs like butter.
Now, all eyes are on the 200-day SMA at $0.00002410 — that’s the subsequent huge resistance. If BONK can push by there with stable quantity, the subsequent goal may very well be $0.000040, the excessive from mid-January. That’s greater than 100% from present costs.
The RSI is sitting round 71, which suggests BONK is technically overbought, however that’s not essentially unhealthy — typically overbought simply means momentum is powerful. Nonetheless, don’t be shocked if there’s a tiny pullback first earlier than one other leg up.
Merchants Chime In
- “$BONK’s descending trendline acquired cleared… anticipating 2x within the coming days,” mentioned World of Charts on X.
- Crypto Joe, one other well-followed dealer, noticed BONK breaking out of a bullish pennant on the 30-minute chart, eyeing $0.00002690 as a short-term goal.
Last Take
BONK’s breakout isn’t only a fortunate bounce — it’s backed by rising quantity, rising dealer exercise, social buzz, and technical power. So long as this momentum holds, BONK may very well be lining up for an additional large transfer.
However hey, it’s nonetheless a memecoin… so strap in. 🐶💥