Bonk (BONK) continues to maintain its upward momentum, expanding its recovery as it trades around the level $0.000027 on Tuesday, after bouncing back nearly 20% last week. Signals from on-chain data and derivatives market lean towards a bullish trend: BONK's launchpad platform recently recorded its highest weekly revenue ever, while open interest (OI) has risen to a yearly peak – indicating growing confidence from the trading community. Technically, the indicators also support the potential for price increases, with short-term targets aimed at the resistance area of $0.000034.
BONK's open interest hits its highest level of the year
According to data from Coinglass, the open interest (OI) of BONK futures contracts on exchanges has surged, from $393.80 million on Saturday to $507.50 million on Tuesday – the highest level since December 9. The increase in OI shows that new money is flowing into the market, reflecting increased buying pressure and contributing to the current bullish trend of BONK.
Notably, for the first time, Bonk's launchpad platform letsbonk.fun has surpassed all competitors on the Solana network in weekly revenue, reaching $7.97 million. This impressive milestone not only reinforces confidence in BONK's upward trend but also indicates growing interest from the community in this meme coin ecosystem.
Bonk price forecast: BONK breaks through an important resistance level
Bonk (BONK) broke above the important resistance area at $0.000024 on Saturday, then continued to rise an additional 6.4% over the next two days. As of now (Tuesday), BONK still maintains its upward trend, currently trading above the level $0.000027.
If the level $0.000024 can switch roles from resistance to solid support, BONK is likely to continue expanding its recovery trend, aiming to test the weekly resistance area at $0.000034.
The RSI indicator on the daily frame has risen to 74 – higher than the standard overbought threshold of 70 – reflecting very strong bullish momentum. However, this also means that the risk of a short-term correction remains present, as the market begins to enter an 'overheated' state. Meanwhile, the MACD indicator issued a bullish crossover signal at the end of June and continues to show gradually increasing green histogram bars above the neutral line – an additional sign reinforcing the current bullish trend.
However, in the scenario where BONK reverses for a correction, the level $0.000024 remains the nearest support zone and is considered an important technical threshold on the daily chart.