Key takeaways:
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BONK value is up 73% since April 22, hitting a five-month excessive of $0.00002167.
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BONK’s open curiosity surged 290% to $43.2 million.
Bonk (BONK), the second-largest Solana-based memecoin by market capitalization, is on observe 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 value as much as an intraday excessive of $0.00002167 on April 28.
Information from Cointelegraph Markets Professional and TradingView reveals BONK buying and selling at $0.00001923, up 3% over the 24 hours and 60% over the past seven days.
BONK’s buying and selling quantity has jumped 98% over the past 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 value momentum over the past week.
Memecoins get well throughout the board
BONK’s rally over the past seven days mirrors the bullish value actions throughout the broader crypto market, together with the memecoin sector. Most memecoins have posted double-digit beneficial properties over the past week. DOGE and Shiba Inu (SHIB), the main memecoins, have jumped 3% and 5% over the past seven days.
Official Trump (TRUMP), the memecoin related to US President Donald Trump, has recorded 73% weekly beneficial properties, whereas Base’s Brett (BRETT) has rallied 83% over the identical interval.
This widespread rally has pushed the full memecoin market worth to $55.51 billion, a 17.5% leap prior to now week, as per CoinMarketCap knowledge.
Over $7.96 billion in memecoin buying and selling quantity was recorded prior to now seven days alone, representing an 85% weekly change. The resurgence is pushed by buyers as soon as once more embracing risk-on belongings like memecoins.
Growing open curiosity backs BONK’s rally
The surge within the value of Bonk over the past seven days comes after a big soar in its open curiosity (OI).
BONK’s complete 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 greater than the OI seen since December 2024.
Rising open curiosity displays rising dealer participation in BONK futures, indicating heightened speculative exercise.
Information from CoinGlass reveals growing demand for leveraged lengthy positions in BONK over the previous couple of days, as indicated by the OI-weighted futures funding fee.
Growing funding charges normally recommend that futures merchants are bullish, anticipating future value will increase, which can point out a continuation of the uptrend.
BONK’s social dominance stays excessive, suggesting excessive social exercise. Santiment knowledge reveals 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 value broke out of a descending parallel channel, igniting power that noticed it flip the 50-day and 100-day exponential transferring averages (EMAs) to help.
The bulls will seemingly proceed the rebound towards the numerous resistance stage at $0.00002410 (200-day SMA) within the brief time period. A each day candlestick shut above this stage, accompanied by excessive quantity, might see BONK rise towards the Jan. 19 vary excessive close to $0.000040. This could characterize a 104% improve from the present value.
The sharp rise within the relative power index and its place at 71 within the overbought area reinforces the patrons’ dominance out there.
Nonetheless, the overbought circumstances might facilitate profit-taking, occasioning a slight correction earlier than BONK continues its uptrend.
“$BONK’s descending trendline bought cleared,” declared common 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 choice.