BONK Surges 60% in a Week as Solana Memecoins Lead Crypto Rally
BONK, the second-largest Solana-based memecoin by market capitalization, has captured the crypto market’s attention after a stunning 60% surge over the past week. The rally underscores a broader resurgence in the memecoin sector, fueled by increased futures activity, bullish technical breakouts, and growing social media hype.
BONK Jumps 73% Since April 22: Hits 5-Month High
According to data from Cointelegraph Markets Pro and TradingView, BONK has seen an explosive rally of over 73% since its low of $0.00001247 on April 22, reaching an intraday high of $0.00002167 on April 28.
As of April 29, It is trading around $0.00001923, up 3% in the last 24 hours and 60% over the past week. This marks the token’s highest level since late November 2023 and suggests renewed bullish momentum after a prolonged consolidation phase.
Memecoins Stage Broad Comeback: DOGE, TRUMP, and BRETT Join the Rally
BONK’s rise is part of a larger memecoin rally that has swept across the crypto market. Several tokens have posted double-digit gains, reflecting rising risk appetite among traders:
• Dogecoin (DOGE) climbed 3% over the past week.
• Shiba Inu (SHIB) rose 5%, riding on renewed retail interest.
• Official Trump (TRUMP), a politically-themed token, soared 73% as meme politics return to crypto.
• BRETT, a memecoin on the Base network, skyrocketed by an impressive 83%.
According to CoinMarketCap, the total market cap of all memecoins now stands at $55.51 billion, a 17.5% week-over-week increase. Trading volume in the sector surged to over $7.96 billion, up 85%, signaling strong inflows and speculative demand.
BONK Futures Explode: Open Interest Nearly Triples
BONK’s spot price gains have been accompanied by a sharp increase in derivatives trading. Data from CoinGlass shows that open interest (OI) in BONK futures rose from $11 million on April 22 to $43.2 millionby April 26—a massive 290% jump.
Though OI has since declined slightly to around $28 million, it remains significantly elevated compared to recent months. The surge indicates increased speculative interest and trader confidence in a continued uptrend.
Positive funding rates also highlight bullish sentiment, as more traders take on leveraged long positions in anticipation of further price appreciation.
Social Media Hype Drives FOMO and Retail Interest
Social sentiment around BONK has exploded alongside price and volume. According to Santiment, BONK’s social dominance jumped from 0.091% to 0.572% between April 20 and April 26. That means nearly 0.6% of all crypto-related discussions on social platforms were about an unusually high level for a mid-cap memecoin.
The increase is fueled by active community promotion, influencer tweets, and increased media coverage. This viral momentum has helped spark FOMO (fear of missing out) among retail and even some institutional players.
Technical Breakout: Bullish Targets in Sight
BONK has also posted a significant bullish breakout from a technical perspective. On April 13, the token broke out of a multi-month descending parallel channel and flipped both the 50-day and 100-day Exponential Moving Averages (EMA) into support.
Now, BONK is approaching a critical resistance level near the 200-day Simple Moving Average (SMA) at $0.00002410. A daily close above this level with strong volume could pave the way for a move toward $0.000040—BONK’s high from January 19. This would represent a 104% upside from current levels.
However, the Relative Strength Index (RSI) currently sits at 71, signaling overbought conditions that could trigger short-term profit-taking before the next leg higher.
Trader Forecast: Pennant Breakout Points to $0.00002690
Crypto analyst Crypto Joe recently identified a bullish pennant breakout on BONK’s 30-minute chart. Based on this pattern, the next short-term upside target is $0.00002690, reinforcing the view that the uptrend remains intact for now.
Conclusion: Is BONK the Next DOGE?
BONK’s price action highlights that the memecoin sector is still alive and kicking, driven by community hype, speculative momentum, and a renewed appetite for risk. As Solana continues to rise in prominence, BONK is well-positioned to become a leading player in the memecoin narrative—especially with its technical breakout and surging futures interest.
Still, traders should remain cautious. Parabolic rallies are often followed by sharp pullbacks, especially when social and technical indicators flash signs of exhaustion.