Bonk (BONK), the Solana-based memecoin, surged 15-18% in 24 hours to lead top cryptocurrency gains, extending its monthly rally to 113%. The token broke through key resistance at $0.000023 and traded at $0.00003343 – its highest level in months – with technical analysis indicating potential upside toward $0.000035 and the November 2024 peak of $0.000054.
The rally coincided with 25% growth in derivatives open interest ($62.86 million) and 32% volume surge ($776 million), while on-chain data revealed nearly 1 trillion BONK tokens held by Solana users. Notably, Grayscale added BONK to its institutional surveillance list, boosting legitimacy. Meanwhile, letsBONK.fun recorded $13.2 million in July fees – a sixfold increase from June – signaling robust ecosystem activity.
Technical indicators show strong momentum, with BONK establishing support at $0.00003295 after breaking $0.000030 and $0.000032 resistances. The breakout aligns with broader altcoin strength, including Ethereum reclaiming $3,100 and Solana holding above $160.