Bonk (BONK) has exhibited a remarkable performance since early April. According to the latest data from CoinMarketcap, Bonk’s price stands at $0.00003628, which puts it at a strong market cap of $2.4 billion. Notably, the crypto asset has seen a substantial increase of 5.53% in the last 24 hours and 39% in the last seven days.
BONKUSD Price Chart: TradingView
The trading volume over the last 24 hours is over $547 million, which places Bonk at 16th position in terms of volume, an indicator of active trading and market interest. This volume is over 20% of its total market cap, suggesting a highly liquid market condition. Such metrics are critical as they provide insights into the overall market engagement and investor sentiment surrounding the cryptocurrency.
To add on more metrics that can lead to a potential breakout, Bonk’s journey has been marked by significant volatility and strong recovery. From an all-time high of $0.00004750 on March 4th, following a staggering 395% rally from a low of $0.00000950 in early February, Bonk experienced a sharp correction, dropping 74% before finding support at a low of $0.00001234 in mid-April.
The big question now is – Can Bonk revisit or even exceed its previous highs? For this to occur, Bonk must overcome this resistance at $0.00003672 by breaking and closing above it, having already successfully turned the $0.00002929 level from resistance to support.
BONKUSD Price Chart: TradingView
The big question now is – Can Bonk revisit or even exceed its previous highs? For this to occur, Bonk must overcome this resistance at $0.00003672 by breaking and closing above it, having already successfully turned the $0.00002929 level from resistance to support.
On May 20th, the price broke out of a bullish pennant on the daily chart, another key breakout that could accelerate its momentum toward fresh highs. This pattern is recognized as a bullish continuation signal, suggesting that the upward trend might continue. However, as of the current trading conditions, Bonk is trading right at the $0.00003672 resistance zone. A breakout here could be key.
On the on-chain metrics part, Bonk’s long/short ratio, which is relatively high, highlights a bullish sentiment in the market. Additionally, the Open Interest-Weighted Funding Rate is positive, indicating that traders are inclined to pay more to maintain long positions, which further supports a bullish outlook.
BONK Long/Short Ratio: Coinglass
Future Prospects and Price Predictions
Looking forward, the projections for Bonk’s price are optimistic. According to CryptoDisrupt, Bonk is expected to fluctuate between $0.000020 and $0.000024, with an average potential price of $0.000021 by 2024. CoinMarketCap’s 2025 predictions are even more promising, estimating the highest potential price at about $0.000036. The average price expectation is pegged at $0.000031, though the forecast also accommodates a bearish scenario with a possible low of $0.000030.
