BONK Price Soars as Retail Demand Rises Amid Cryptocurrency Market Consolidation

BONK, a Solana-based meme coin, is gaining traction as retail demand rises. The BONK price has increased by 7% on Tuesday, building on the previous day's 7% gains to reclaim the 14% loss from last week.

The surge in BONK's Open Interest by 35% over the last 24 hours suggests speculative and leverage-driven demand is fueling its growth. This trend is reflected in the technical outlook, which appears bullish with upside momentum gaining traction.

On a broader level, the cryptocurrency market is consolidating on Tuesday after an uptrend stalled due to renewed geopolitical tensions in the Middle East last weekend.