Bonk (BONK) Price Prediction: Open Interest Hits Annual High, Meme Launch Platform Revenue Surpasses PumpFun

Bonk (BONK) continues its bullish momentum, currently reported at 0.000029 USD during the Asian afternoon session today (15), having risen nearly 20% in the past week. On-chain and derivative product data show that BONK's launch platform has set a weekly high return, with open interest (OI) reaching a new yearly high, indicating that trader confidence is continuously increasing, presenting a bullish trend. Technical analysis supports further gains, with a short-term target price of 0.000034 USD.

BONK Open Interest Hits Annual High

Coinglass data shows that the open interest (OI) of BONK futures on the exchange increased from $393.8 million on Saturday to $507.5 million on Tuesday, reaching the highest level since December 9. The increase in OI represents new or additional capital entering the market and new purchases, which may drive the current price of BONK up.

(Source: Coinglass)

The chart below shows that Bonk's launchpad Letsbonk.fun has surpassed the total weekly revenue of all other Solana launchpads for the first time, reaching 7.97 million dollars, further enhancing the bullish outlook.

(Source: Blockworks)

BONK Price Prediction

BONK price broke through the daily resistance level of 0.000024 USD last Saturday and surged 6.4% in the following two days. As of Tuesday when this article was written, its price continues to rise, trading above 0.000027 USD.

If the daily level of 0.000024 USD holds as support, BONK may continue its pump and retest its weekly resistance level of 0.000034 USD.

The relative strength index (RSI) on the daily chart is 74, above the overbought level of 70, indicating strong bullish momentum. However, due to the overbought condition, the likelihood of a pullback is high, and traders should operate with caution.

At the same time, the Moving Average Convergence Divergence (MACD) indicator showed a bullish crossover at the end of June. The indicator also shows the green histogram rising above the neutral zero line, indicating that bullish momentum is strengthening and continuing to trend upward.

However, if BONK faces a correction, it may continue to decline and find support around $0.000024 daily.

(Source: Trading View)