BONK price gains 60% in a week as Solana memecoins make a comeback
Bonk (BONK), the second-largest Solana-based memecoin, has risen approximately 73% since April 22, reaching an intraday high of $0.00002167 on April 28. Currently trading at $0.00001923, BONK is up 3% in 24 hours and 60% over the past week. Trading volume surged 98% to $478 million, with market capitalization briefly hitting $1.7 billion before settling at $1.5 billion. The broader memecoin market has also seen gains, with a total market value of $55.51 billion, reflecting a 17.5% increase in a week. BONK's open interest rose 290% from $11 million to $43.2 million, indicating increased trader participation. Social media activity around BONK spiked, enhancing retail and institutional interest. BONK broke out of a multimonth downtrend and is targeting resistance at $0.00002410, with potential for further gains if it closes above this level. The relative strength index indicates overbought conditions, suggesting possible profit-taking may occur.
