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The bonk price has increased by 73% since April twenty second and reaches a five-month high of $ 0.0000002167.
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The open interest from Bonk rose by 290% to $ 43.2 million.
Bonk (bonk), the second largest in Solana Memecoin after market capitalization, is on the suitable track to proceed the recovery that began on April 22. Bonk rose by around 73% in comparison with April twenty second of around 0.00001247 in April and on April twenty eighth reached its price on an intraday with $ 0.00002167.
Data from CoinTelegraph Markets Pro and TradingView show that the bonk trade has increased by 3% up to now seven days by 3% in comparison with 24 hours and 60%.
Bonk/USD Daily Chart. Source: CoinTelegraph/Tradingview
Bonk's trading volume has increased by 98% within the last 24 hours to $ 478 million, and its market capitalization rose shortly by April 28 by $ 1.7 billion before taking the present level of $ 1.5 billion.
Let us examine the aspects that Bonks fueled price dynamics up to now week.
Memecoins get better across the board
Bonk's rally reflects the bullish price movements on the broader crypto market up to now seven days, including the Memecoin sector. Most memoins have made double -digit profits last week. Doge and Shiba Inu (Shib), the leading memoins, have increased by 3% and 5% up to now seven days.
The official Trump (Trump), the Memecoin connected to US President Donald Trump, has recorded 73% weekly profits, while BAS Brett (board) achieved 83% in the identical period.
This widespread rally has increased the complete Memecoin market value to 55.51 billion US dollars, a jump of 17.5% last week, in line with CoinmarketCAP data.
In the past seven days alone, a Memecoin trade volume of over 7.96 billion US dollars has been recorded, which corresponds to a weekly change of 85%. The revival is driven by investors who’re once more taking risks resembling Memecoins.
Increasing open interest supports the Bonk rally
The price of bonk within the last seven days comes after a major increase in open interest (OI).
BONKS Total -Oi on all stock exchanges rose from $ 11 million on April twenty second by 290% to $ 43.2 million on April 26. Although this metric has dropped to twenty-eight million US dollars on the time of writing, it stays significantly higher than the OI observed since December 2024.
Increasing open interest reflects the growing participation of the dealers in Bonk -Futures, which indicates increased speculative activities.
Coinglass data has shown increasing demand for leveraged long positions in Bonk up to now few days, as shown within the OI-weighted futures financing rate.
Increased financing rates often indicate that Futures dealers are optimistic and expect future price increases, which might indicate a continuation of the upward trend.
Bonk's social dominance stays high and indicates a high level of social activity. Santime data show that Bonk plays from 0.091% from 0.572% from 0.091% to 0.572% from 0.091%, which is operated on BONKS Ecosystem Buzz.
This increase in chattering on social media platforms reflects the increasing retail and institutional interest, increases the FOMO and increases demand.
Bonk breaks out of a multi -technical downward trend
On April 13, Bonk Price broke out of a descending parallel channel and lit the strength wherein he turned the 50-day and 100-day exponential moving average values ​​(EMAS).
The bulls will probably proceed at short notice the back rash towards the numerous level of resistance of 0.00002410 USD (200-day SMA). A each day candles that closes above this level, accompanied by a high volume, could bonk towards the range of 19 US dollars on January 19 of $ 0.0000440. This would make up a rise of 104% in comparison with the present price.
The strong increase within the relative strength index and its position at 71 within the overbought region increases the dominance of buyers available on the market.
However, the overbought conditions could make profit support easier and cause a slight correction before Bonk continues his upward trend.
“$ Bonks descending trend line has been clarified,” said the favored analyst World of Charts in a contribution from April 28 to X, “expected 2x in the approaching days.”
In the meantime, Crypto Joe Bonk discovered within the 30-minute timeframe, which spread with $ 0.0000002690.
This article doesn’t contain investment advice or recommendations. Every investment and trade movement is the chance, and readers should perform their very own research results in the event that they make a call.
