Important takeouts:
Bonk Price has risen 73% from April 22, with a five-month high of $0.00002167.
Bonk’s public interest rose 290% to $43.2 million.
Bonk (Bonk), the second largest Solana-based memocoin by market capitalization, is on track to continue its recovery, which began on April 22nd. Prices rose by about 73% from the low on April 22nd on April 28th, and on April 28th, prices rose.
Cointelegraph Markets Pro and TradingView data shows Bonk Trading at $0.00001923, up 3% in 24 hours and 60% in the last seven days.
Bonk’s trading volume rose 98% in the last 24 hours to $478 million, and its market capitalization also briefly touched on $1.7 billion on April 28th, going back to its current level of $1.5 billion.
Let’s look at what factors fueled Bonk’s price momentum last week.
MemeCoins will recover completely
Over the past seven days, Bonk’s Rally reflects bullish price movements across the broader crypto market, including the Memecoin sector. Most Memecoin recorded double-digit profits last week. Major Memecoins Doge and Shiba Inu (Shib) have jumped 3% and 5% in the past seven days.
Trump (Trump), a mimecoin associated with US President Donald Trump, recorded a profit of 73% per week, while Brett (Brett) on the base collected 83% over the same period.
This extensive gathering brings the total market value of MemeCoin to $555.1 billion. This is a 17.5% leap over the past week, according to CoinMarketCap data.
Over the past seven days alone, Memecoin trading volumes recorded over $7.96 billion, representing a change of 85% per week. The revival is driven by investors accepting risk-on assets like MemeCoin again.
The growing open interest confirms Bonk’s rally
The surge in Bonk prices over the past seven days comes after a major 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. The metric fell to $28 million at the time of writing, but is significantly higher than the OI seen since December 2024.
The growing open interest reflects an increase in traders’ participation in Bonk Futures, indicating an increased speculative activity.
Coinglass data shows an increase in demand for Bonk’s leveraged strengths over the past few days, as shown by the OI-weighted futures financing rate.
Rising funding rates usually suggest futures traders are bullish and are hoping for future price increases, which could indicate a continuation of the upward trend.
Bonk’s social domination remains high, suggesting high social activity. Santimento data show that between April 20 and April 26, Bonk’s social domination skyrocketed from 0.091% to 0.572%, driving the buzz of Bonk’s ecosystem.
This surge in chatter on social media platforms reflects the growing retail and institutional interest, as well as amplification of FOMO and driving demand.
Bonk breaks out of many months’ downward trends
On April 13, Bonk Price escaped from the declining parallel channels, igniting strength that supports the 50- and 100-day exponential moving averages (EMA).
The Bulls could continue to rebound towards critical resistance levels at $0.00002410 (200-day SMA) in the short term. A day’s candlestick above this level may rise to a height of near 0.000040 on January 19th, accompanied by a large amount. This represents a 104% increase from the current price.
The sharp rise in the relative strength index and its position at 71 in over-acquired regions will strengthen the dominance of buyers in the market.
However, overbought conditions can encourage profits and can cause slight revisions before Bonk continues the uptrend.
“The $BONK descending trendline has been cleared,” declared popular analyst World of Charts in X’s April 28th post.
Meanwhile, Crypto Joe discovered Bonk escaped from a bullish pennant in a 30-minute time frame targeting $0.00002690.
