BONK Breaks Multi-Month Downtrend with 60% Weekly Surge, Promises ‘Fun Stuff’

Coinspeaker

BONK Breaks Multi-Month Downtrend with 60% Weekly Surge, Promises ‘Fun Stuff’

Bonk BONK $0.000020 24h volatility: 7.2% Market cap: $1.54 B Vol. 24h: $422.93 M , the meme-fueled token on the Solana blockchain, has turned bullish, skyrocketing a massive 60% over the past week while the broader Solana meme coin sector also printed massive gains.

After months of downward drift, BONK has broken free of its bearish shackles, reclaiming key moving averages and lifting sentiment among both retail and institutional traders.

The rally has been further fueled by the anticipation of the “fun stuff” teased ahead of Solana Accelerate, an upcoming event scheduled for May 19–23 in New York City.

Technical breakout and fib levels

BONK broke out of a multi-month descending parallel channel on April 13, flipping both the 50-day and 100-day exponential moving averages into support.

According to CoinMarkerCap data, BONK is hovering near $0.00001934 after reaching an intraday high of $0.00002167 on April 28, a 73% increase from its local low of $0.00001247 on April 22.

The recent rally pushed BONK above the key 1.618 Fibonacci level at $0.00001990. If bulls maintain control and volume continues to rise, the next upside targets lie at the 2.618 Fib ($0.00002517), followed by the 3.618 level at $0.00003044.

The final major Fib extension, 4.236 at $0.00003369, may act as a magnet if hype around the Solana event intensifies. However, failure to hold the 1.618 level could prompt a short-term retracement toward $0.00001700.