Bonk (BONK) price has climbed an impressive 60% over the past week in anticipation of upcoming announcements at Solana’s Accelerate in May.
By Parth Dubey
Editor Julia Sakovich
Updated
3 mins read
Bonk BONK $0.000020 24h volatility: 1.4% Market cap: $1.55 B Vol. 24h: $315.98 M , the meme-fueled token on the Solana blockchain, has turned bullish, skyrocketing a massive 60% over the past week while the broader Solana meme coin sector also printed massive gains.
After months of downward drift, BONK has broken free of its bearish shackles, reclaiming key moving averages and lifting sentiment among both retail and institutional traders.
The rally has been further fueled by the anticipation of the “fun stuff” teased ahead of Solana Accelerate, an upcoming event scheduled for May 19–23 in New York City.
The Dog has more fun stuff coming at Accelerate 👀
Who’s gonna be in NYC?
— BONK!!! (@bonk_inu) April 28, 2025
BONK broke out of a multi-month descending parallel channel on April 13, flipping both the 50-day and 100-day exponential moving averages into support.
According to CoinMarkerCap data, BONK is hovering near $0.00001934 after reaching an intraday high of $0.00002167 on April 28, a 73% increase from its local low of $0.00001247 on April 22.
The recent rally pushed BONK above the key 1.618 Fibonacci level at $0.00001990. If bulls maintain control and volume continues to rise, the next upside targets lie at the 2.618 Fib ($0.00002517), followed by the 3.618 level at $0.00003044.
The final major Fib extension, 4.236 at $0.00003369, may act as a magnet if hype around the Solana event intensifies. However, failure to hold the 1.618 level could prompt a short-term retracement toward $0.00001700.
BONK Daily Chart | Source: TradingView
On the other hand, the Relative Strength Index (RSI) on the daily timeframe has surged to 66.78, just shy of the overbought threshold, signaling strong bullish momentum but also cautioning that a cooldown could occur.
Historically, BONK has seen short consolidations near the 70 RSI level before continuing upward, suggesting a temporary pullback might precede further gains.
Meanwhile, the MACD line remains comfortably above the signal line, with widening histogram bars confirming a healthy upward trend. Momentum remains firmly in the hands of buyers.
Crypto analyst World of Charts noted BONK’s breakout from the descending trendline, predicting a possible 2x in the coming days.
$Bonk #Bonk Descending Trendline Got Cleared, Expecting 2x In Coming Days. pic.twitter.com/mZhoGbZ3bB
— World Of Charts (@WorldOfCharts1) April 27, 2025
Meanwhile, Crypto Joe highlighted a bullish pennant formation in the lower timeframes, targeting a near-term move to $0.00002690, which aligns closely with the 2.618 Fib level.
#Bonk has a Double Bottom and Bullish Pennant chart pattern on the 30m chart.
Overall: Bullish.
Price Target: $0.00002690.#BONK $BONK #Crypto #Altcoins #AltcoinSeason #BONKUSDT#MemeCoin #MemeCoins #Altseason pic.twitter.com/mOZnTIwhNU
— Crypto Joe (@CryptoJoeReal) April 28, 2025
A clean daily close above the 200-day simple moving average at $0.00002410 could unlock a path toward January’s high near $0.000040.
Such a move would represent a 104% rally from current levels and put BONK back on the radar of top-performing altcoins in Q2 2025.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
