<img src="https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjUtMDQvMDE5NjdkNjYtODY4My03NGVlLWI2NmUtNDYzNGUyNDhlYjIx.jpg"><img src="https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjUtMDQvMDE5NjdkNjYtODY4My03NGVlLWI2NmUtNDYzNGUyNDhlYjIx.jpg" alt="BONK price gains 60% in a week as Solana memecoins make a comeback">Key takeaways:<ul><li>BONK price is up 73% since April 22, hitting a five-month high of $0.00002167.</li><li>BONK&rsquo;s open interest surged 290% to $43.2 million.&nbsp;</li></ul>Bonk (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bonk-price-index" rel="null" target="null" text="null" title="null">BONK</a>), the second-largest Solana-based memecoin by market capitalization, is on track to continue the recovery it began on April 22. BONK has climbed approximately 73% from its April 22 low of around $0.00001247, bringing its price up to an intraday high of $0.00002167 on April 28.Data from <a data-ct-non-breakable="null" href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA.." rel="null" target="null" text="null" title="null">Cointelegraph Markets Pro</a> and <a data-ct-non-breakable="null" href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" rel="null" target="null" text="null" title="null">TradingView</a> shows BONK trading at $0.00001923, up 3% over the 24 hours and 60% over the last seven days.<figure><img src="https://s3.cointelegraph.com/uploads/2025-04/01967d64-13cf-758e-86c9-fc8577fda7a5" title="" alt="BONK price gains 60% in a week as Solana memecoins make a comeback"><figcaption style="text-align: center;">BONK/USD daily chart. Source: Cointelegraph/<a data-ct-non-breakable="null" href="https://www.tradingview.com/x/jjwIiSV9/" rel="null" target="null" text="null" title="null">TradingView</a></figcaption></figure>BONK&rsquo;s trading volume has jumped 98% over the last 24 hours to $478 million, and its market capitalization also jumped, briefly touching $1.7 billion on April 28, before retracing to the current level of $1.5 billion.Let&rsquo;s examine the factors that have fueled BONK's price momentum over the last week.<h2>Memecoins recover across the board</h2>BONK&rsquo;s rally over the last seven days mirrors the bullish price movements across the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/why-is-the-crypto-market-up-today" rel="null" target="null" text="null" title="null">broader crypto market,</a> including the memecoin sector. Most memecoins have posted double-digit gains over the last week. DOGE and Shiba Inu (<a data-ct-non-breakable="null" href="https://cointelegraph.com/shiba-inu-price-index" rel="null" target="null" text="null" title="null">SHIB</a>), the leading <a data-ct-non-breakable="null" href="https://cointelegraph.com/price-indexes/memecoins" rel="null" target="null" text="null" title="null">memecoins</a>, have jumped 3% and 5% over the last seven days.&nbsp;Official Trump (TRUMP), the memecoin associated with US President Donald Trump, has recorded 73% weekly gains, while Base&rsquo;s Brett (<a data-ct-non-breakable="null" href="https://cointelegraph.com/brett-price-index" rel="null" target="null" text="null" title="null">BRETT</a>) has rallied 83% over the same period.&nbsp;<figure><img src="https://s3.cointelegraph.com/uploads/2025-04/01967d64-186f-7260-ab90-91d0dacd4ec1" title="" alt="BONK price gains 60% in a week as Solana memecoins make a comeback"><figcaption style="text-align: center;">Performance of top-cap memecoins. Source: CoinMarketCap</figcaption></figure>This widespread rally has pushed the total memecoin market value to $55.51 billion, a 17.5% leap in the past week, as per CoinMarketCap data.<figure><img src="https://s3.cointelegraph.com/uploads/2025-04/01967d64-1d39-706c-959c-288e79692e02" title="" alt="BONK price gains 60% in a week as Solana memecoins make a comeback"><figcaption style="text-align: center;">Memecoin market cap and volume. Source: CoinMarketCap</figcaption></figure>Over $7.96&nbsp;billion in memecoin trading volume was recorded in the past seven days alone, representing an 85% weekly change. The resurgence is driven by investors once again embracing risk-on assets like memecoins.<h2>Increasing open interest backs BONK&rsquo;s rally</h2>The surge in the price of Bonk over the last seven days comes after a significant jump in its <a data-ct-non-breakable="null" href="https://cointelegraph.com/explained/what-is-open-interest-in-the-crypto-futures-market" rel="null" target="null" text="null" title="null">open interest</a> (OI).&nbsp;BONK&rsquo;s total OI on all exchanges rose 290% from $11 million on April 22 to $43.2 million on April 26. Although this metric has since dropped to $28 million at the time of writing, it remains significantly higher than the OI seen since December 2024.Rising open interest reflects growing trader participation in BONK futures, indicating heightened speculative activity.<figure><img src="https://s3.cointelegraph.com/uploads/2025-04/01967d64-2172-7704-add3-1a9f06c8095c" title="" alt="BONK price gains 60% in a week as Solana memecoins make a comeback"><figcaption style="text-align: center;">BONK open interest across all exchanges. Source: CoinGlass</figcaption></figure>Data from CoinGlass shows increasing demand for leveraged long positions in BONK over the last few days, as indicated by the OI-weighted futures funding rate.<figure><img src="https://s3.cointelegraph.com/uploads/2025-04/01967d64-259f-7183-80fb-09dd8e705d25" title="" alt="BONK price gains 60% in a week as Solana memecoins make a comeback"><figcaption style="text-align: center;">BONK average perpetual contracts 8-hour funding rate. Source: CoinGlass</figcaption></figure>Increasing <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/funding-rates-in-crypto-markets#:~:text=The%20impact%20of%20funding%20rates,hinting%20that%20prices%20could%20fall." rel="null" target="null" text="null" title="null">funding rates</a> usually suggest that futures traders are bullish, expecting future price increases, which may indicate a continuation of the uptrend.BONK's social dominance remains high, suggesting high social activity. Santiment data shows BONK&rsquo;s social dominance spiking from 0.091% to 0.572% between April 20 and April 26, driven by BONK&rsquo;s ecosystem buzz.&nbsp;<figure><img src="https://s3.cointelegraph.com/uploads/2025-04/01967d64-2a4c-7372-8fe2-32bddce89865" title="" alt="BONK price gains 60% in a week as Solana memecoins make a comeback"><figcaption style="text-align: center;">BONK social dominance and volume. Source: Santiment</figcaption></figure>This surge in chatter on social media platforms reflects rising retail and institutional interest, amplifying FOMO and driving demand.<h2>BONK breaks out of a multimonth downtrend</h2>On April 13, BONK price broke out of a descending parallel channel, igniting strength that saw it flip the 50-day and 100-day exponential moving averages (EMAs) to support.&nbsp;The bulls will likely continue the rebound toward the significant resistance level at $0.00002410 (200-day SMA) in the short term. A daily candlestick close above this level, accompanied by high volume, could see BONK rise toward the Jan. 19 range high near $0.000040. This would represent a 104% increase from the current price.<figure><img src="https://s3.cointelegraph.com/uploads/2025-04/01967d64-2f44-7108-a35e-1f123f36a623" title="" alt="BONK price gains 60% in a week as Solana memecoins make a comeback"><figcaption style="text-align: center;">BONK/USD daily chart. Source: Cointelegraph/<a data-ct-non-breakable="null" href="https://www.tradingview.com/x/6iEyURpA/" rel="null" target="null" text="null" title="null">TradingView</a></figcaption></figure>The sharp rise in the relative strength index and its position at 71 in the overbought region reinforces the buyers&rsquo; dominance in the market.&nbsp;However, the overbought conditions could facilitate profit-taking, occasioning a slight correction before BONK continues its uptrend.&nbsp;&ldquo;$BONK&rsquo;s descending trendline got cleared,&rdquo; <a data-ct-non-breakable="null" href="https://x.com/WorldOfCharts1/status/1916593872563503148" rel="null" target="null" text="null" title="null">declared</a> popular analyst World of Charts in an April 28 post on X, &ldquo;expecting 2x in the coming days.&rdquo;Meanwhile, Crypto Joe <a data-ct-non-breakable="null" href="https://x.com/CryptoJoeReal/status/1916730349465317555" rel="null" target="null" text="null" title="null">spotted</a> BONK breaking out of a bullish pennant in the 30-minute timeframe targeting $0.00002690.<figure><img src="https://s3.cointelegraph.com/uploads/2025-04/01967d64-340c-72d0-8d23-1c9c96d3b534" title="" alt="BONK price gains 60% in a week as Solana memecoins make a comeback"><figcaption style="text-align: center;">Source: <a data-ct-non-breakable="null" href="https://x.com/CryptoJoeReal/status/1916730349465317555" rel="null" target="null" text="null" title="null">Crypto Joe</a></figcaption></figure>This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<template data-name="subscription_form" data-type="markets_outlook" label="Subscription Form: Markets Outlook"></template>

Key takeaways:

BONK price is up 73% since April 22, hitting a five-month high of $0.00002167.

BONK’s open interest surged 290% to $43.2 million. 

Bonk (BONK), the second-largest Solana-based memecoin by market capitalization, is on track to continue the recovery it began on April 22. BONK has climbed approximately 73% from its April 22 low of around $0.00001247, bringing its price up to an intraday high of $0.00002167 on April 28.
Data from Cointelegraph Markets Pro and TradingView shows BONK trading at $0.00001923, up 3% over the 24 hours and 60% over the last seven days.
BONK/USD daily chart. Source: Cointelegraph/TradingView
BONK’s trading volume has jumped 98% over the last 24 hours to $478 million, and its market capitalization also jumped, briefly touching $1.7 billion on April 28, before retracing to the current level of $1.5 billion.
Let’s examine the factors that have fueled BONK's price momentum over the last week.
Memecoins recover across the board
BONK’s rally over the last seven days mirrors the bullish price movements across the broader crypto market, including the memecoin sector. Most memecoins have posted double-digit gains over the last week. DOGE and Shiba Inu (SHIB), the leading memecoins, have jumped 3% and 5% over the last seven days. 
Official Trump (TRUMP), the memecoin associated with US President Donald Trump, has recorded 73% weekly gains, while Base’s Brett (BRETT) has rallied 83% over the same period. 
Performance of top-cap memecoins. Source: CoinMarketCap
This widespread rally has pushed the total memecoin market value to $55.51 billion, a 17.5% leap in the past week, as per CoinMarketCap data.
Memecoin market cap and volume. Source: CoinMarketCap
Over $7.96 billion in memecoin trading volume was recorded in the past seven days alone, representing an 85% weekly change. The resurgence is driven by investors once again embracing risk-on assets like memecoins.
Increasing open interest backs BONK’s rally
The surge in the price of Bonk over the last seven days comes after a significant jump in its open interest (OI). 
BONK’s total OI on all exchanges rose 290% from $11 million on April 22 to $43.2 million on April 26. Although this metric has since dropped to $28 million at the time of writing, it remains significantly higher than the OI seen since December 2024.
Rising open interest reflects growing trader participation in BONK futures, indicating heightened speculative activity.
BONK open interest across all exchanges. Source: CoinGlass
Data from CoinGlass shows increasing demand for leveraged long positions in BONK over the last few days, as indicated by the OI-weighted futures funding rate.
BONK average perpetual contracts 8-hour funding rate. Source: CoinGlass
Increasing funding rates usually suggest that futures traders are bullish, expecting future price increases, which may indicate a continuation of the uptrend.
BONK's social dominance remains high, suggesting high social activity. Santiment data shows BONK’s social dominance spiking from 0.091% to 0.572% between April 20 and April 26, driven by BONK’s ecosystem buzz. 
BONK social dominance and volume. Source: Santiment
This surge in chatter on social media platforms reflects rising retail and institutional interest, amplifying FOMO and driving demand.
BONK breaks out of a multimonth downtrend
On April 13, BONK price broke out of a descending parallel channel, igniting strength that saw it flip the 50-day and 100-day exponential moving averages (EMAs) to support. 
The bulls will likely continue the rebound toward the significant resistance level at $0.00002410 (200-day SMA) in the short term. A daily candlestick close above this level, accompanied by high volume, could see BONK rise toward the Jan. 19 range high near $0.000040. This would represent a 104% increase from the current price.
BONK/USD daily chart. Source: Cointelegraph/TradingView
The sharp rise in the relative strength index and its position at 71 in the overbought region reinforces the buyers’ dominance in the market. 
However, the overbought conditions could facilitate profit-taking, occasioning a slight correction before BONK continues its uptrend. 
“$BONK’s descending trendline got cleared,” declared popular analyst World of Charts in an April 28 post on X, “expecting 2x in the coming days.”
Meanwhile, Crypto Joe spotted BONK breaking out of a bullish pennant in the 30-minute timeframe targeting $0.00002690.
Source: Crypto Joe
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

BONK, a Solana-based memecoin, has surged 73% in price since April 22, reaching a five-month high of $0.00002167, with open interest skyrocketing by 290% to $43.2 million, signaling a strong recovery in the Solana memecoin market.  

BONK price gains 60% in a week as Solana memecoins make a comeback

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Daily price action in the SOL/BTC pair is beginning to paint a sharply different picture from the one that dominated the first quarter, according to a chart shared on Sunday by veteran trader Josh Olszewicz. The one-day chart sets out a textbook inverse-head-and-shoulders (iHS) basing pattern that has been forming since early March and is now approaching the neckline around 0.00162 BTC. At the time of the screenshot, SOL was quoted at 0.001588 BTC. With bitcoin changing hands near $94,765, that places Solana at roughly $150 per coin. The anatomy of the pattern is hard to miss: a March 19 low at 0.00127 BTC ($120) forms the head, flanked by higher swing lows on March 11 left shoulder). The left shoulders is currently in the process of forming. The horizontal neckline aligns with the late-December floor that broke down in February, converting sturdy support into equally sturdy resistance. Measured from the head to the neckline, the amplitude is roughly 0.00033 BTC; a clean breakout would imply a technical objective near 0.00195 BTC—conveniently the lower boundary of the Kumo cloud’s far edge. Solana Bulls Have A Target The chart is overlaid with a long-look Ichimoku configuration (20/60/120/30). At the latest close the Tenkan-sen sat at 0.00150 BTC, the Kijun-sen exactly on the neckline at 0.00162 BTC, and Senkou Span A printed 0.001742 BTC while Span B held higher at 0.002159 BTC. The cloud itself remains bearish—thick, red and overhead—yet the span differential is beginning to compress, signalling waning downward momentum. A decisive push into the Kumo would trigger the classic Ichimoku edge-to-edge trade, targeting Span B at roughly 0.00216 BTC (about $205). Related Reading: Solana Will Face A Pivotal Moment In May – Bear Market Bounce Or Bull Market Dip? The bullish setup is occurring only two months after the market completed the mirror image of the same pattern. From mid-December to early-February, SOL/BTC carved out a prominent head-and-shoulders, lost the neckline in early February and cascaded directly to March’s iHs. That down-and-up symmetry gives extra weight to the current formation by demonstrating how faithfully the pair has respected classical geometry during the past half-year. “1D SOL/BTC – iHS + E2E at some point but not soon, probably late May,” Olszewicz wrote on X. The analyst’s caution reflects the fact that price is still beneath both the neckline and the Kijun-sen, and the Kumo does not thin materially until the final week of May. A premature break attempt risks rejection into a final right-shoulder retest near 0.00151 BTC ($143), which is also where the Tenkan-sen currently resides. Notably, the Chikou Span (lagging line) remains below price and cloud, emphasising that trend confirmation is pending; both Ichimoku purists and pattern traders could therefore agree that 0.00162 BTC is the line Solana bulls must flip decisively. Related Reading: Solana (SOL) Holding Strong Above $150 — Breakout Zone In Play If the edge-to-edge objective is achieved, SOL would add roughly 26 % against Bitcoin from present levels and reclaim ground last seen in early February. Should the neckline reject yet again, downside protection is thin until the twin shoulders at 0.00145–0.00148 BTC; a break of that shelf would invalidate the bullish thesis and reopen the March trough. For now, the market is content to coil beneath resistance while the clock ticks toward the cloud’s inflection. Whether Olszewicz’s late-May timetable proves prescient will depend on Bitcoin’s own trajectory and the broader risk environment, but the price structure on the Solana/Bitcoin chart is clear: after a bruising winter, the bulls finally have a pattern worth defending. At press time, SOL traded at $149. Featured image created with DALL.E, chart from TradingView.com

A top analyst suggests Solana (SOL) could dominate the markets next month, citing a bullish inverse-head-and-shoulders pattern forming in the SOL/BTC pair since early March. The pattern is nearing its neckline at 0.00162 BTC, with SOL currently trading at 0.001588 BTC, while Bitcoin hovers around $94,765.  

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