TL;DR
- BONK, a Solana-based token, has jumped over 20% in just 24 hours and nearly 70% in the past week, lifting its market cap to $2.79 billion.
- Technical signals remain strongly bullish, with a confirmed Golden Cross and solid MACD momentum.
- Rising derivatives interest and trading volume suggest a push toward $0.00004000 may come soon, keeping traders on high alert for further upside.
With its current price sitting at $0.00003457, BONK continues to surprise traders who bet big on memecoins defying the odds. The coin has gained 20.56% over the last 24 hours and 69.74% in the past week, according to CoinMarketCap. Its market capitalization now stands at an impressive $2.79 billion, setting the stage for a possible breakout to $0.00004000 if the trend holds and the momentum does not lose steam in coming sessions.
Technical Structure Remains Firm And Bullish
Several indicators support BONK’s recent run. The Moving Average Convergence Divergence (MACD) has held a buy signal since late June, with green histogram bars expanding steadily. A Golden Cross was also confirmed when the 50-day Exponential Moving Average crossed above the 100-day EMA, reinforcing the uptrend and drawing attention from new speculative traders.
Data from CoinGlass shows BONK’s derivatives market is heating up fast. Open Interest in futures contracts has averaged $48 million this month, while derivatives trading volume rocketed from $39 million to over $618 million in recent weeks. Rising Open Interest alongside higher volume signals that traders are opening new positions rather than exiting, hinting at stronger market confidence and a willingness to keep pushing prices higher if conditions stay favorable.
Traders Focus On Key Resistance Levels
Many traders now target $0.00004000 as the next major level, with some even setting sights on $0.00005000 if momentum keeps building. BONK has booked gains for five consecutive days, driven by steady risk appetite across the broader crypto market. The Relative Strength Index (RSI) does show overbought conditions, so a short-term cooldown could occur if buying pressure eases in the near term.
Still, any pullbacks might be limited, as strong support levels remain around $0.00003000 and near the confluence of the 50-day and 200-day EMA close to $0.00001935. These areas may attract fresh buying interest if the price dips.
Market watchers like Lemon believe BONK could enter an even more aggressive phase if capital keeps circulating within its ecosystem. For now, with volume rising and technicals aligning, BONK’s recent surge could be just the beginning of a bigger move ahead as memecoins regain fresh traction this month.
