BONK Price Surges Toward May Highs as Bullish Momentum and Open Interest Rise

Getting your Trinity Audio player ready...

Key Takeaways:

• BONK has surged 4% in price and 8% in Open Interest, showing strong bullish sentiment.
  
• Breakouts past $0.000018 and $0.00002 signal a recovery phase, backed by rising OBV and volume.
  
• Traders are watching the $0.0000256–$0.0000298 range for resistance and profit-taking opportunities.

Bonk [BONK] has experienced a notable resurgence in bullish momentum, marked by a 4% price jump in the last 24 hours and an 8% spike in Open Interest, according to Coinalyze data. This combination of rising prices and increased speculative activity signals strong short-term confidence in the memecoin.

The broader crypto market’s direction, especially Bitcoin’s price action, continues to influence memecoins. While a BTC drop below $107.3k could derail momentum, current sideways or upward trends offer BONK a chance to reclaim its former highs.

Price Break Above Resistance Signals Recovery

The rally past the $0.000018 resistance on July 5 was the first sign of renewed strength for BONK. This move was quickly followed by a breakout above the $0.00002 psychological level—an area that had capped price action in recent weeks.

Supporting this move was a surge in On-Balance Volume (OBV), confirming rising demand. Trading volume metrics also revealed strong daily activity, adding credibility to the bullish push. If momentum continues, BONK could retest the $0.000025 resistance, its May peak.

Fibonacci Extensions and Liquidation Zones Highlight Key Targets

Technical indicators reveal more potential upside for BONK. The 23.6% Fibonacci extension level at $0.0000298 marks the next major bullish target. However, traders should note the $0.0000256–$0.0000262 zone as a significant area of interest.

Liquidation heatmap data points to heavy trader activity in this zone, suggesting it could act as both a magnet for price and a potential reversal point. While this cluster may lead to a short-term pullback, strong bullish momentum may eventually push BONK through this level.

Also Read: Crypto Daily Recap: LetsBonk Surges, Toncoin Dips, $8.6B Bitcoin Transfer Sparks Curiosity

Traders Advised to Manage Risk Amid Volatility

With sentiment turning optimistic, traders already in long positions may consider taking partial profits near the $0.000026 mark. Given the weekly chart remains bearish unless this level is flipped into support, caution is warranted.

BONK’s near-term outlook remains promising, but macro volatility and Bitcoin’s next moves could determine the trajectory. Monitoring volume, liquidation levels, and price action around the $0.000026 zone will be crucial for the next leg up.

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.