BONK price is up 73% since April 22, hitting a five-month high of $0.00002167.

Key takeaways:

* Bonk (BONK) price rose 73% since April 22, hitting a five-month high of $0.00002167.

* This surge follows a 290% increase in open interest to $43.2 million.

* The total memecoin market value has leaped by 17.5% in the past week to $55.51 billion.

The second-largest Solana-based memecoin is continuing to recover after April 22, notching a five-month high of $0.00002167.

Bonk (BONK) price is up about 73% from its April 22 low of around $0.00001247.

Data from Cointelegraph Markets Pro and TradingView shows the cryptocurrency trading at $0.00001923, up 3% over the last 24 hours and 3% over the last seven days.

This recovery in the price of Bonk comes after a surge in open interest (OI).

The total OI for Bonk across all exchanges rose 290% from $11 million on April 22 to $43.2 million on April 26. Although this metric has since dropped to $28 million at the time of writing, it remains significantly higher than the OI seen since December 2024.

Rising open interest indicates growing trader participation in Bonk futures, suggesting increased speculative activity.

Data from CoinGlass shows increasing demand for leveraged long positions in Bonk over the last few days, as indicated by the OI-weighted futures funding rate.

Increasing funding rates usually suggest that futures traders are bullish, expecting future price increases, which may indicate a continuation of the uptrend.

This surge in chatter on social media platforms indicates rising retail and institutional interest, further amplifying FOMO and driving demand for Bonk.

On April 13, Bonk price broke out of a descending parallel channel, flipping the 50-day and 100-day exponential moving averages (EMAs) to support.

The bulls will likely continue the rebound toward the significant resistance level at $0.00002410 (200-day SMA) in the short term. A daily candlestick close above this level, accompanied by high volume, could see Bonk rise toward the Jan. 19 range high near $0.000040. This would represent a 104% increase from the current price.

The sharp rise in the relative strength index and its position at 71 in the overbought region reinforces the buyers’ dominance in the market.

However, the overbought conditions could facilitate profit-taking, occasioning a slight correction before Bonk continues its uptrend.

“$BONK’s descending trendline got cleared, expecting 2x in the coming days,” declared popular analyst World of Charts in an April 28 post on X.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.