Bonk’s recent rally, fueled by other Solana meme coins’ successes, has brought the token to new highs despite concerns about a potential reversal. The coin’s price, which surged from a low of $0.000008870 in April, now sits at over 163% higher than its 2025 low. ))
Analysts attribute this surge to expanding DeFi applications on the Solana blockchain and increased investment interest, including a notable rise in BONK holders, nearing one million. This has also coincided with a significant increase in spot trading volume, reaching a multi-month high of $1.1 billion on Monday.
Further contributing factors include the Fartcoin (FARTCOIN) surge beginning in March, which encouraged investors to explore other Solana meme coins like Bonk. Like other cryptocurrencies, the ongoing Bonk price jump is influenced by macroeconomic factors like the US-China trade deal and a rebound after a significant dip from $0.000060 in November 2022.
However, a cautious approach is warranted as technical analysis reveals a risky pattern on the daily chart. A rising wedge formed between the recent price surge and the previous trend lines is often a signal of potential reversal. This, coupled with an RSI and other oscillators reaching overbought levels, indicates the possibility of a price correction. If this pattern holds, the coin could experience support at a psychological level of $0.000015.