Bonk, the memecoin on Solana, continues to post an impressive run, with its price up 15% and leading the top 100 cryptocurrencies over the past 24 hours.

The uptick for Bonk (BONK) comes as the memecoin’srally pushes its price up over 113% in the past month. The Solana (SOL)-based token has gained more than 61% in the past week, rising from lows of $0.000019 to highs of $0.000034.

As Coin Insider Daily highlighted on Tuesday, Bonk has the potential to move higher given the broader altcoin market outlook.

Bonk gains as open interest jumps 25%

The memecoin traded at lows of $0.000012 in late June and had previously dipped to $0.0000095 in April. Recent gains have seen Bonk break above a key resistance level around $0.000023, with the November 2024 peak at $0.000054 now within sight.

Upside momentum, which has coincided with breakouts above $3,100 for Ethereum (ETH) and $160 for SOL, aligns with renewed bullish bets on top memecoins.

According to Coinglass data, Bonk’s derivatives market has seen a 25% jump in open interest and a 32% increase in volume. Futures contracts currently show an open interest of over $62.86 million, while derivatives volume has surged to more than $776 million.

BONK’s strong performance comes despite the significant attention drawn by Pump (PUMP), the token of the Pump.fun platform, since its launch. A breakout above $0.000035 is the next major level bulls may be watching.

The coin’s strength is largely driven by its community. The number of on-chain Solana users holding BONK is approaching 1 trillion tokens. Meanwhile, letsBONK.fun has recorded a notable surge in fees this month, with more than $13.2 million collected in the first two weeks of July, up from $2.21 million in June 2025.