The price of Bonk (BONK) experienced a significant rally of 5.55% to 7% in a 24-hour period, trading around $0.000009711 and becoming a top market gainer. This surge is attributed to a confluence of catalysts, primarily a major update from the Solana launchpad Bonk.fun, which announced that 51% of platform fees will now be used to buy back BONK, a substantial increase from the previous 10%. These buybacks are directed to the project's Decentralized Autonomous Treasury, which aims to accumulate 5% of BONK's total supply. BONK Holdings Inc. already holds approximately 2.7%.
Social media hype provided a significant spark, with a tweet from former U.S. President Donald Trump mentioning a ticker that instantly triggered speculative energy across Solana. This event, perceived by some analysts like James Bull as potentially orchestrated, led to a rush of volume and announcements from key opinion leaders (KOLs) that they had "aped" into the token.
Furthermore, BONK expanded its institutional footprint with the launch of a BONK Exchange-Traded Product (ETP) on Switzerland's SIX Exchange. This listing provides regulated investors with indirect exposure, boosting the meme coin's credibility despite a limited immediate price impact.
However, this short-term bullish momentum contrasts sharply with a deeply bearish weekly chart. Technical analysis reveals BONK has broken below a crucial long-term support level at $0.0000096—a level that had held since early 2024—and is now retesting it as resistance. The weekly Relative Strength Index (RSI) sits at 36, indicating strong bearish momentum, and the On-Balance Volume (OBV) is in a downtrend.
On a shorter 4-hour timeframe, a range formation between $0.00000846 and $0.0000105 has provided some stability over the past three weeks, with the OBV showing a slight uptick. Analysts like Govind Satoshi point to a potential path toward $0.0000117 if support holds, but emphasize that the "more likely scenario is a rejection at the range highs." The overall sentiment is cautious, with traders advised to respect the range until a clear breakout occurs, as reversing the long-term downtrend remains an extremely difficult task for bulls.
