$BONK popped 6.5% to $0.00002045 on May 21 as Bitcoin’s record run ignited a memecoin stampede across Solana.
Despite a 12.4% dip over the past week, $BONK has surged 63.79% in the last month and boasts an 18,548% increase since its launch during the depths of the 2022 bear market, just after the FTX collapse, when sentiment around crypto was at its lowest.
$BONK Defies the Odds: From Bear Market Underdog to Top 5 Memecoin
Today, $BONK has climbed the ranks to become the fifth-largest memecoin by market cap, surpassing projects like $FARTCOIN, $WIF, and $FLOKI.
With a market capitalization of $1.6 billion, many $BONK holders view the current consolidation as a setup for another breakout, potentially retesting its all-time high of $0.00005916, around 65.69% above current levels.
A trader on X recently called any pullback at this level “a gift,” echoing broader sentiment among investors.
On-chain data also supports this narrative. A whale investor recently allocated $682,000 of a $5 million meme coin portfolio to $BONK, acquiring 33.8 billion tokens.
According to Stalkchain, $BONK has been the most purchased token over the past three days, outpacing $GOAT, $MOODENG, and $GRASS.
Miss BONK Vegas & Viral Moments: Community Engagement on the Rise
Meanwhile, $BONK’s ecosystem continues to grow. The team has secured a MainStage sponsorship at the upcoming Solana Accelerate conference.
In another milestone, DeFi Dev Corp launched the first public company memecoin validator on Solana in collaboration with $BONK.
The project also gained cultural exposure through the Ridge Hotel Mural Project, featuring work by renowned artist Jeff Henriquez, known for his iconic Borussia Dortmund mural.
Adding to the momentum, $BONK recently launched “Miss BONK Vegas,” a competition to crown the first Miss BONK on June 11 during Bitcoin Vegas, further boosting its visibility and community engagement.
These developments appear to be reflected on-chain, with $BONK approaching the 1 million holder mark.
$BONK’s Chart Indicators: Bullish Breakout Sets Stage for 159% Surge
After ranging between approximately 0.00000850 and 0.00001350 $USDT for nearly two months, $BONK decisively broke above this consolidation zone in early May.
At press time, $BONK trades around $0.00002079, representing a 3.85% increase on the day.
The chart includes a measured move projection suggesting a potential price target of approximately 0.00003973 $USDT.
This target represents a gain of over 159% from the breakout level and aligns with a historical resistance area from late 2024.
If this bullish momentum continues, the price could approach this target in the short to mid-term.
Supporting the bullish case is the Relative Strength Index (RSI), currently at 55.81 with a moving average of 60.84. The RSI remains in neutral-to-bullish territory, indicating that the asset is not yet overbought and still has room for upward movement.
Key support levels to watch include the former resistance zone near 0.00001300–0.00001500 $USDT, which is now expected to act as support.
A deeper retracement could find buyers near the lower consolidation band around $0.00000850–$0.00000900.
On the upside, the major resistance lies at the projected target of $0.00003973, with a broader supply zone identified between $0.00004500 and $0.00005500, where prior sell pressure may re-emerge.
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