TL;DR

BONK flipped major resistance into support, holding gains with a 22% weekly price increase. RSI sits at 75.82, showing strong momentum but hinting at a possible short-term cooldown. Grayscale’s monitoring inclusion boosts BONK visibility among institutional investors, supporting current buying pressure.

Price Holds Support After Breakout

Bonk (BONK) is holding firm above a level that was previously resistance. After forming a rounded bottom over several months, the token broke higher with strong momentum. BONK was priced at $0.000028 at press time, showing a 5% gain in the past day and over 22% weekly.

Meanwhile, this shift was accompanied by a surge in volume, which is a signal that buyers are flowing into the market. While there has been a small pullback, the price remains above the breakout point, which now serves as support. Traders are watching to see if the token can push toward the $0.00003 mark in the short term.

Crypto Bullet says the structure looks strong as long as the price stays above the breakout level. Moreover, CHADXBT pointed to increasing user activity and rising demand.

$BONK flipped an important horizontal resistance into support

Very bullish as long it stays above, retests are opportunities pic.twitter.com/FmGpphCvmz

BONK’s trading volume rose by 28% to $550 million, and open interest went up 4% to $47 million, based on Coinglass data. These numbers suggest that new positions are being added, not just old ones being closed.

Momentum Signals Remain High

The Relative Strength Index (RSI) has climbed to 76, placing it above the usual overbought line. That shows buyers are still active, but it may also lead to a cooling-off period. The RSI’s moving average, now at 68, confirms the uptrend but suggests the move is becoming stretched.

Source: TradingView Bollinger Bands show rising volatility. The top band sits at $0.0000294 and may act as resistance. Support can be found between $0.000025 and $0.0000267. If the price dips further, the 20-day moving average at $0.00001971 could offer another support level.

BONK saw a surge in interest after Grayscale added it to its monitoring list for institutional research. While this does not mean a product is coming soon, it signals that the asset is on the radar of larger investors. The move has likely helped fuel recent buying.