Bonk (BONK), the leading memecoin on Solana, has surged 100% over the past 14 days, hitting a five-month high of $0.000028 on July 15. This rally marks a sharp reversal from its June 23 low of $0.000011, though the token remains 50% below its all-time high of $0.000058 set in November 2024. With a market cap of $1.57 billion, BONK now dominates Solana's memecoin sector, outpacing rivals like Pudgy Penguins (PENGU) at $1.45 billion.
The surge is largely attributed to Bonk.fun, a token launchpad that generated $7.93 million in fees over seven days, with 58% allocated to BONK buybacks. This mechanism created sustained demand pressure as the platform overtook competitors in daily revenue and Solana token deployments. Technical indicators reinforce bullish sentiment: the Supertrend has turned green, while MACD and RSI show upward momentum. However, BONK faces resistance at $0.00002626—a level that triggered reversals in April—with RSI at 70 signaling overbought conditions.
On-chain data reveals critical catalysts: exchange balances of BONK dropped 22% in 30 days to 17.63 billion tokens, indicating accumulation by long-term holders. Concurrently, $1.88 million in exchange outflows and nine consecutive days of positive funding rates reflect trader confidence in further gains. Analysts project a 37-43% upside to $0.000036-$0.000040 if resistance breaks, with some targeting $0.000060 based on Fibonacci extensions and ascending triangle breakouts.