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Key Takeaways:
- BONK gained 75% in one week and is nearing a key resistance level at $0.00004190.
- Derivatives activity and whale liquidations are fueling bullish momentum.
- Institutional recognition and dominant meme coin creation share may extend BONK’s rally.
Derivatives Explosion and Whale Liquidation Frenzy
BONK’s recent rally has been accompanied by explosive derivatives market activity. According to Coinglass, BONK derivatives volume spiked 150% while Open Interest climbed 36%, underscoring increased speculative demand. Short sellers were particularly hard-hit, with over $3.39 million in liquidations recorded in the past 24 hours alone.
Meanwhile, spot volume also surged by 60% to reach $2.4 billion, pushing BONK’s market cap back above $3 billion. The rally places BONK just 33% below its previous all-time high of $0.00005916, a level many traders now believe is within reach.
Grayscale Exposure and Meme Coin Market Share Battle
Adding to BONK’s momentum is its recent inclusion in Grayscale’s institutional asset monitoring list. While not a confirmation of ETF backing, the development lends BONK additional credibility in the eyes of traditional finance players.
On the adoption front, BONK’s LetsBonk.fun platform now dominates the meme coin creation market, boasting a 52% market share—outpacing former leader Pump.fun at 39%. However, Pump.fun continues to lead in active users with 401,000 daily traders, versus LetsBonk’s 268,000, as per Jupiter data.
BONK Technicals: Key Levels and Momentum Indicators
BONK’s 4-hour chart shows a clean breakout above the 3.618 Fibonacci extension at $0.00003894, with price action now challenging the next major resistance at the 4.236 Fib level ($0.00004190). This area is closely watched by traders as a potential profit-taking “golden pocket” zone.
Momentum indicators remain strongly bullish. The RSI sits at 78.31, signaling overbought conditions but reinforcing the strength of the rally. The MACD shows a widening bullish crossover, and the Ultimate Oscillator remains above 66—both supporting the case for continued upside.
Should BONK break above $0.00004190, it may move to retest its all-time high at $0.00005916. Conversely, a rejection could see BONK retrace to support levels at $0.00003894 or $0.00003414.
With strong momentum, explosive trading volume, and institutional interest via Grayscale, BONK appears well-positioned for further gains. That said, overbought signals and the looming 4.236 Fib resistance zone may prompt short-term profit-taking.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: BONK Surges Past Bitcoin and Dogecoin with 70% Rally Powered by Bonk.fun
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
