BONK Price Forecast: What Next after Overtaking PEPE with 120% Rally?

Insights:

BONK price briefly grazed $0.000028 on April 24, marking a new peak for the month, with vital market data trends showing that BONK has now overtaken PEPE to emerge the best-performing memecoin over the last week.

BONK Price Has Gained 122% in Second-Half of April

Memecoins have once again taken center stage in the crypto market in the second half of April. Following the Bitcoin Halving, the big guns BTC and ETH have struggled for momentum, leading crypto investors to switch focus to other sub-sectors of the crypto economy.

Recent market data shows that BONK, the second largest memecoin on the Solana network has pulled disproportionately more traction, more than doubling its market capitalization in the last two weeks.

Since rebounding from its monthly low of $0.000012 on April 13, BONK has surged by a whopping 130% to reach $0.000027 at the time of publication on April 25.

Notably, BONK’s 130% price surge in the last 12 days makes it the best performing memecoin in the top 50 crypto market rankings, while PEPE sits at a distant second-place with 109.8% gains during the same timeframe.

BONK Price Forecast: Imminent Breakout Above $0.000030

Despite 130% gains in the last 12 days, technical indicators suggest that BONK price still has room for more growth, especially given that BTC and ETH are still in a consolidation phase.

Once the top 2 coins enter a recovery phase, the residual bullish tailwinds will likely trickle down towards the memecoin markets and possibly propel prices even further.

The Bollinger band further affirms this bullish BONK price forecast. The upper-limit band shows that the price is now on the brink of flipping the critical resistance line at $0.0000028. A decisive breakout above that level could see bulls set their sights on new peaks above the $0.000030 milestone.

On the downside, BONK stands the risk of a rapid reversal towards $0.000019, if the current stagnation observed in the BTC and ETH markets persists long enough to spook memecoin investors into cutting down on their positions.