Bonk (BONK) has recently witnessed a dramatic price increase of nearly 75% over the last week, with its trading volumes skyrocketing on April 20. According to CoinMarketCap, BONK saw a trading volume of $502 million yesterday, marking a significant 672% rise from April 20 and a fivefold increase in the past week. This surge has elevated Bonk’s market cap from $966 million to $1.63 billion, positioning it as the second most valuable meme coin within the Solana ecosystem.

With such a noticeable spike in trading volumes, market participants are now keenly watching to see if Bonk’s price could see similar growth.

### Potential for BONK Price to Double

Despite a slight 4.5% pullback in the last 24 hours, with BONK’s price at $0.00001983, trading volumes remain high. BONK has consistently found strong support at the $0.0000900 level, overcoming three key resistances recently. The token has also climbed above its 21-day exponential moving average (EMA), hinting at a possible intersection with the 200-day EMA—a bullish sign suggesting a long-term positive trend.

Should the 21-day EMA cross above the 200-day EMA, it could signal a strong buy opportunity, reminiscent of the surge following a major political event last November when BONK’s price doubled in just a few days. With momentum indicators like the Relative Strength Index (RSI) at their highest since last November and the Moving Average Convergence Divergence (MACD) indicating bullish signals, BONK is showing promising indicators of continued growth.

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