Bonk (BONK) is extending its impressive bullish momentum, trading around $0.000027 on Tuesday after a significant nearly 20% rally over the past week. A confluence of strong on-chain and derivatives data, coupled with positive technical indicators, paints a highly bullish picture for the popular memecoin, with a near-term target of $0.000034.
A key factor fueling this optimism is the surging Open Interest (OI) in BONK futures contracts across exchanges. According to Coinglass data, BONK's futures OI has climbed dramatically from $393.80 million on Saturday to $507.50 million on Tuesday. This marks the highest yearly level, a figure not seen since December 9th of last year. An increasing Open Interest signals new or additional capital entering the market, indicating strong conviction among traders and providing further fuel for the ongoing price rally.
Adding to the bullish sentiment, BONK's associated launchpad has reportedly achieved its highest weekly revenue, further bolstering confidence in the ecosystem.
From a technical perspective, BONK has made a decisive move, breaking above the critical daily resistance level at $0.000024 on Saturday. This breakthrough was followed by a 6.4% rally in the subsequent two days, and the token continues its upward trajectory, trading above $0.000027 at the time of writing.
If the newly established $0.000024 level holds firmly as support, analysts anticipate that BONK could extend its rally significantly. The next major target for the memecoin is to retest its weekly resistance at $0.000034. The current technical setup strongly supports the potential for this continued upside movement.
July 2025, Cryptoniteuae