The rise of LetsBonk, a launchpad that has overtaken 55% of the market, drove demand for BONK.
BONK’s spot price surpassed its realized price — a bullish signal — while active addresses tripled
BONK has broken above a falling channel, while two key indicators have flashed a buy signal.
A return of memecoin-fueled momentum has sent BONK soaring 50% in the past seven days. Last Monday, BONK hovered around $0.000015.
Today, the token’s value has risen to $0.000022, reinstating BONK as the second most valuable Solana (SOL) memecoin in market cap.
However, the token’s breakout was not random. Specific forces drove the price higher, which CCN reveals in this analysis.
This piece will also reveal what could be next for BONK’s price action following the rally.
BONK Rockets as LetsBonk Flips Pump.fun
CCN’s findings show that demand for BONK increased due to the surge in activity on LetsBonk, a recently developed token launchpad. For months, Pump.fun dominated the Solana token launchpad space.
However, over the weekend, it lost market share to LetsBonk, which some people call Bonkfun. As of this writing, LetsBonk now holds 55% of the total launchpad market share.
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Pump.fun, however, has seen its dominance drop below 35%, driving demand for the memecoin while BONK’s price surged.
Following the move, on-chain data from Glassnode shows that BONK’s spot value has climbed above its realized price for the first time since May.
This surge above the metric indicates that the memecoin has strong support to keep rising. If sustained, the BONK’s price is likely to break toward the $0.000030 psychological zone in the short term.
Beyond the support the token has recently found, our investigation also showed a notable spike in other metrics. For instance, one week ago, the number of Bonk active addresses was 5,600.
Today, that figure has increased to 16,191, indicating a threefold increase in interaction with the memecoin. Should this trend continue, then BONK’s price could inch toward a new yearly high in the coming weeks.
Like the network activity, the token has seen its highest holder retention rate since February. This means that most recent buyers of BONK are refraining from selling, which is bullish for the token.
Additionally, Weighted Sentiment around BONK has climbed to 7.06, signaling a surge in bullish commentary surrounding the memecoin. If this optimism remains sustainable without becoming overly euphoric, BONK’s price could break through key overhead resistance zones.
BONK Price Prediction: Rally to Continue
From a technical point of view, BONK’s price has broken above the upper trendline of a falling channel. Amid this breakout, the Moving Average Convergence Divergence (MACD) has risen to positive territory and formed a bullish crossover.
In addition, the green line of the Supertrend indicator is below the price. This Supertrend position indicates a buy signal and reinforces the thesis provided by the realized price.
If this remains the same, BONK’s price might break above $0.000028 at the 0.618 Fibonacci level. If this happens, the next target for the memecoin could be around $0.000034.
The value could rise to $0.000040 in a highly bullish market condition. Conversely, a rise in selling pressure could see the token slide below its realized value and drop toward $0.000015.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
