In a quiet but impressive move, Solana dog coin BONK has surged by 67% over the past week, catching many in the crypto community by surprise.

While the rally has flown somewhat under the radar compared to the broader Bitcoin-led market momentum, BONK’s performance remains significant given its recovery from a prolonged downturn.

BONK has steadily declined since late 2024, when it reached an all-time high of $0.00005916 on Nov. 22, 2024. Attempts to revive the BONK price failed in January this year, after reaching highs of $0.00003986.

The downturn was further validated by a death cross in February, with BONK reaching lows of $0.00000885 in early April before rebounding. BONK's rebound coincides with that of Solana's, with SOL recovering since early April. With network activity and DeFi growth increasing, coins in the Solana ecosystem, such as BONK, are reaping the benefits.

BONK rebounds as market sentiment turns optimistic

Despite macroeconomic headwinds, sentiment on the cryptocurrency market remains cautiously hopeful.

Crypto markets climbed on Monday, with Bitcoin (BTC) trading above $94,000. Trader sentiment was unchanged from the previous week, with a near-term bullish outlook but a cautious attitude due to macroeconomic challenges.

BONK was up 11% in the last 24 hours to $0.00002052 as the broader crypto market extended its recovery from its early April lows.

BONK's recent momentum surpassed the daily SMA 50 at $0.00001252, which has capped its price since December 2024. The rebound continued, reaching highs of $0.00002179 in Monday's trading session. The next resistance lies at $0.00002411, which coincides with the daily SMA 200.