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In a quiet but impressive move, Solana dog coin $BONK has surged by 67% over the past week, catching many in the crypto community by surprise.
While the rally has flown somewhat under the radar compared to the broader Bitcoin-led market momentum, $BONK’s performance remains significant given its recovery from a prolonged downturn.
$BONK has steadily declined since late 2024, when it reached an all-time high of $0.00005916 on Nov. 22, 2024. Attempts to revive the $BONK price failed in January this year, after reaching highs of $0.00003986.
The downturn was further validated by a death cross in February, with $BONK reaching lows of $0.00000885 in early April before rebounding. $BONK's rebound coincides with that of Solana's, with SOL recovering since early April. With network activity and DeFi growth increasing, coins in the Solana ecosystem, such as $BONK, are reaping the benefits.
$BONK rebounds as market sentiment turns optimistic
Despite macroeconomic headwinds, sentiment on the cryptocurrency market remains cautiously hopeful.
Crypto markets climbed on Monday, with Bitcoin (BTC) trading above $94,000. Trader sentiment was unchanged from the previous week, with a near-term bullish outlook but a cautious attitude due to macroeconomic challenges.
$BONK was up 11% in the last 24 hours to $0.00002052 as the broader crypto market extended its recovery from its early April lows.
$BONK's recent momentum surpassed the daily SMA 50 at $0.00001252, which has capped its price since December 2024. The rebound continued, reaching highs of $0.00002179 in Monday's trading session. The next resistance lies at $0.00002411, which coincides with the daily SMA 200.