Key Takeaways:
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The Bonk price has reached 73% since April 22, beating a five -month high of $ 0.00002167.
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Bonk's open interest went up 290% to $ 43.2 million.
Bonk (Bonk), the second largest memecoin-based Solana by market capitalization, is on track to continue its recovery on April 22.
Data from Cointelegraph Markets Pro and Tradingview Bonk Trading is shown at $ 0.00001923, up to 3% within 24 hours and 60% in the last seven days.
Bonk's trade volume jumped 98% in the last 24 hours to $ 478 million, and its market capitalization also jumped, briefly pressing $ 1.7 billion on April 28, before retinging at the current level of $ 1.5 billion.
Let us examine the factors that bonk's price momentum last week's price momentum.
Memecoins recovered across the board
Bonk's rally in the last seven days reflects bullish price movements throughout the broader crypto market, including the Memecoin sector. Most memecoins posted double digits obtained over the past week. Doge and Shiba Inu (Shib), the leading Memecoins, jumped 3% and 5% in the last seven days.
Official Trump (Trump), Memecoin associated with US president Donald Trump, recorded 73% weekly acquisitions, while Base's Brett (Brett) rallied at 83% at the same time.
This widespread rally pushed the memecoin market total cost to $ 55.51 billion, a 17.5% jump over last week, as per CoinMarketCap data.
More than $ 7.96 billion in memecoin trading volume has been recorded in the last seven days, representing an 85% weekly change. Resurrection is driven by investors once again embrace risk assets such as Memecoins.
Increasing the open interest of the Bonk rally
Bonk price progress in the last seven days came after a significant jump in open interest (OI).
Bonk's total OI in all exchanges rose by 290% from $ 11 million from April 22 to $ 43.2 million on April 26. Although this scale has since dropped to $ 28 million at the time of writing, it remains higher than what the OI saw since December 2024.
The rise of open interest reflects the growing participation of the businessman in Bonk futures, indicating the increased activity -haka activity.
Data from coinglass shows an increase in demand for long positions in Bonk in recent days, as indicated by the OI-Weighted Futures rate.
Increasing funding rates usually suggest that futures traders are bullish, expect to increase in future prices, which may indicate a continuation of the climb.
Bonk society's dominance remains high, suggesting high social activity. Santiment data shows Bonk's social dominance from 0.091% to 0.572% between April 20 and April 26, driven by Bonk's Ecosystem Buzz.
This progress in the chatter on social media platforms reflects the rising interests of retail and institutional, strengthening FOMO and driving demand.
Bonk separated on a multimonth downtrend
On April 13, Bonk's price exploded from a downward parallel channel, ignoring the force it saw flip the 50-day and 100-day exponential transition of averages (EMA) to support.
The Bulls are likely to continue the rebound towards significant level of resistance to $ 0.00002410 (200-day SMA) in the short term. A day -to -day candle near this level, combined with high volume, can see a bonk increase towards the range of January 19 high near $ 0.000040. This represents a 104% increase from the current price.
The sharp increase in Kamag -child index of strength and its position at 71 in the over -thinking region strengthens the dominance of consumer markets.
However, excessively thinking conditions can facilitate income acquisition, which occasionally a slight correction before Bonk continues its climb.
“Bonk's lowering pace is cleaned,” stated The popular analyst world of charts in a post on April 28 on X, “Looking for 2x in the coming days.”
Meanwhile, Crypto Joe Batang -Batat The bonk breaking out of a bullish pennant at a 30-minute time targeted at $ 0.00002690.
This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
