BONK Price Soars 60%: Solana Meme Coin Breaks Out Ahead of Key Event

Andrew Chen
Bonk Inu (BONK)

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The meme-inspired cryptocurrency BONK, residing on the Solana blockchain, has experienced a significant bullish surge, climbing a remarkable 60% over the past week. This impressive rally coincides with widespread gains across the broader Solana meme coin ecosystem, signaling renewed interest in this volatile sector. After a prolonged period of downward price action, BONK has decisively broken free from its bearish trajectory, reclaiming crucial moving averages and injecting optimism among both individual and institutional investors.

This resurgence is further amplified by anticipation surrounding “fun stuff” teased in the lead-up to Solana Accelerate, a highly anticipated event scheduled to take place in New York City from May 19th to 23rd.

Technical Indicators Point to Continued Bullish Momentum for BONK

A key technical development for BONK was its breakout from a multi-month descending parallel channel on April 13th. This breakout allowed the token to flip both the 50-day and 100-day exponential moving averages into reliable support levels. According to data from CoinMarketCap, BONK is currently trading near $0.00001934, having reached an intraday peak of $0.00002167 on April 28th. This peak represents a substantial 73% increase from its recent low of $0.00001247 recorded on April 22nd. The recent upward momentum propelled BONK above the critical 1.618 Fibonacci retracement level, situated at $0.00001990.

Should bullish momentum persist and trading volume continue its upward trend, the next potential upside targets are identified at the 2.618 Fibonacci level ($0.00002517), followed by the 3.618 level at $0.00003044. The final major Fibonacci extension, positioned at 4.236 ($0.00003369), could act as a significant price magnet if the hype surrounding the upcoming Solana event intensifies. Conversely, failure to maintain support above the 1.618 Fibonacci level could trigger a short-term price correction towards the $0.00001700 mark.

Analysts Forecast Further Gains for BONK, Targeting $0.000040

The bullish sentiment surrounding BONK is further reinforced by the analysis of prominent crypto market observers. Crypto analyst World of Charts highlighted BONK’s decisive break from its descending trendline, suggesting the potential for a doubling of its price in the near future. Similarly, Crypto Joe pointed out a bullish pennant formation on lower timeframes, projecting a near-term price target of $0.00002690, which closely aligns with the 2.618 Fibonacci level identified earlier.

A definitive daily close above the 200-day simple moving average, currently positioned at $0.00002410, could pave the way for a significant rally towards January’s high near $0.000040. Such a price movement would represent an impressive 104% increase from current levels, potentially positioning BONK as one of the top-performing altcoins in the second quarter of 2025.

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 Price Surge Following Capital Rotation From Fartcoin—Is $0.000021 Next?

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