Solana's original meme coin BONK has shown renewed signs of life, surging 14% in the past 24 hours and pushing its market capitalization back above the $1 billion threshold. Trading volume exploded to $210 million, making BONK one of the most actively traded Solana-based meme coins currently on the market.
The token had previously reached a peak market cap of $4.66 billion in late 2024 before experiencing a brutal 85% correction. BONK bottomed out near $700 million earlier this year before beginning its current recovery. The recent rally appears to align with a broader trend of revival across the meme coin sector.
Technical analysis shows BONK has broken out of a long-term downtrend that began in late 2024. The price cleanly pierced through a descending resistance line around $0.0000100. Since the breakout, BONK has consolidated above that level and now trades at $0.00001463 — more than double its March lows.
"BONK being back above $1 billion could be a signal that the meme coin market is heating up again," noted market observers. Unlike many competitors, BONK benefits from deep liquidity, wide exchange listings, and strong community support, potentially positioning it to lead the next wave of meme coin activity.
If the current momentum continues, the next major resistance level lies at $0.000025, which has historically served as both support and rejection point. Should BONK break through, analysts identify the next upside target near $0.000053, which would indicate stronger bullish momentum.
The broader market has also begun to recover, with risk appetite gradually returning to crypto assets. Meme coins, typically early movers in such rallies, are experiencing renewed interest across the board. For instance, Fartcoin, another Solana-based meme coin, has rallied nearly 200% from its bottom. Similar patterns are emerging across small-, mid-, and large-cap meme coins.
This resurgence raises questions about whether we're witnessing the beginning of a new "meme coin season" with Solana-based tokens leading the charge. The total meme coin sector market cap has risen by 6.70% to $53.47 billion in the past 24 hours, while trading volume increased sharply by 72.92%, reaching $6.70 billion, according to CoinMarketCap data.
However, caution remains warranted in the volatile meme coin space. A rejection at the $0.000025 level could send BONK back into its former trading range. While volume has increased significantly, sustained bullish action will depend heavily on the broader crypto market maintaining its positive trajectory.
Analysts note that the current technical setup appears promising. If meme coins continue to gain traction and BONK holds above its breakout zone, market participants may be witnessing the early stages of another significant rally. The token's performance comes amid growing interest in both Solana, which is up 7% today, and various AI-integrated crypto projects across the ecosystem.
The recent BONK recovery coincides with developments elsewhere in the meme coin space, including MIND of Pepe's integration of AI tools designed to provide retail traders with institutional-grade market insights. These tools monitor various signals including on-chain activity and social media trends to identify potential shifts in sentiment or capital flows.