#Gate.io App Upgrade BONK price has increased by 60% in a week as the Solana memecoin market recovers.

BONK price has increased by 73% since April 22 to reach a five-month high of $0.00002167.
BONK’s open interest increased by 290% to $43.2 million.
Bonk (BONK), the second-largest Solana-based memecoin by market cap, is on track to continue the recovery it began on April 22. BONK has risen by approximately 73% from its low of approximately $0.00001247 on April 22 to reach an intraday high of $0.00002167 on April 28.
Data shows BONK is trading at $0.00001923, up 3% in 24 hours and 60% in the past seven days.
BONK’s trading volume has increased by 98% in the past 24 hours to $478 million, and its market cap has fallen to the current $1.5 billion level after briefly reaching $1.7 billion on April 28.
Let’s now examine the factors that have fueled BONK’s price momentum over the past week.
Memecoins are generally recovering
BONK’s rally over the past seven days mirrors bullish price action seen in the broader crypto market and memecoin sector. Most memecoins have recorded double-digit gains over the past week. Leading memecoins DOGE and Shiba Inu (SHIB) are up 3% and 5% respectively over the past seven days.
Official Trump (TRUMP), the memecoin associated with US President Donald Trump, has recorded a 73% weekly gain, while the BRETT token has gained 83% in the same period.
This widespread rally has pushed the total value of the memecoin market to $55.51 billion, up 17.5 percent in the past week.
Over $7.96 billion in memecoin trading volume has been recorded in the past seven days alone, representing a weekly change of 85 percent. This revival has been fueled by investors returning to riskier assets like memecoins.
Rising open interest is supporting the BONK rally
The surge in the Bonk price over the past seven days comes on the back of a significant jump in open interest (OI).
BONK’s total open interest across all exchanges increased by 290 percent from $11 million on April 22 to $43.2 million on April 26. While this metric has since declined to $28 million at the time of writing, it is still well above levels seen since December 2024.
The rising open interest reflects increased investor participation in BONK futures and suggests increased speculative activity.
Data indicates that demand for leveraged long positions for BONK has increased over the past few days, as indicated by the OI-weighted futures funding rate.
Rising funding rates are usually an indication that futures investors are bullish and expect future price increases. This suggests that the uptrend may continue.
BONK’s social dominance remains high, indicating high social activity. Data shows that BONK’s social dominance jumped from 0.091% to 0.572% between April 20 and April 26, driven by activity around the BONK ecosystem.
The increasing chatter on social media platforms indicates that both retail and institutional investor interest is increasing, fueling demand by increasing FOMO.
BONK is breaking out of a multi-month downtrend
On April 13, BONK price began to strengthen by breaking out of a falling parallel channel and turned the 50-day and 100-day exponential moving averages (EMAs) into support levels.
The bulls will attempt to continue the recovery towards the significant resistance level of $0.00002410 (200-day SMA) in the short term. A daily candle close above this level with high volume could see BONK rally towards the range top of around $0.000040 on January 19. This would represent a 104% increase from the current price level.
The sharp increase in the relative strength index (RSI) and its presence in the overbought region at 71 are strengthening the dominance of buyers in the market.
However, overbought conditions could facilitate profit taking and BONK could see a slight correction before resuming its uptrend.
“BONK’s downtrend line has been cleared,” popular analyst World of Charts noted in a post on April 28, adding, “I expect a 2x increase in the coming days.”
Meanwhile, Crypto Joe observed that BONK has broken out of the bullish flag on the 30-minute timeframe and has a target of $0.00002690.