Bonk Price Analysis: The price of Bonk surged by 9.9% in the last 24 hours to trade around $0.00002421 during European business hours on Friday. The price increase comes after VanEck filed for Solana ETF in the US, claiming SOL is a commodity. Being the largest meme coin on Solana, Bonk reacted quickly to this news.
Bonk Price Analysis: 71% Gains In Sight
BONK price was in a downtrend for the past 4 weeks before it began rising on Monday this week. Bonk price action is in an ascending triangle, which is technically a bullish market structure.
Bonk is trending above the 50-day but below the 200-day simple moving averages (SMA), a signal of a potential price reversal coming soon.
The Bonk 14-day relative strength index (RSI) crossed above its moving average (MA) on Monday, shifting market sentiment to bullish. The RSI is at the midpoint level (47) with much upside room to move.
Data from Coinalyze shows that the aggregated open interest (OI) for Bonk increased by 8.91% in the last 24 hours. This signals investors are taking positions in the asset, anticipating further upside movement in BONK’s price. Additionally, the 24-hour trading volume of Bonk increased by 98%, signaling an increase in investor interest.
The price of Bonk is expected to continue on its upward trajectory to the $0.00004800 price target. This also happens to be its previous all-time high price. The rise constitutes a 71% increase from the current price. If bulls persist, Bonk may break out of the ascending triangle and surge to new all-time high prices.
Conversely, in a downward scenario, BONK price may find support around $0.00002186 and $0.00001397, from which it can bounce back up.
Why is the Bonk Price Surging?
The revived interest in Bonk came after VanEck filed for a Solana ETF, citing that the cryptocurrency was a commodity. The price of Solana also surged 6% from the news.
WebTrend Analytics, a community of market analysts, shared on X (formerly Twitter) a parabolic scenario for Bonk.
The parabolic curve…
BONK is showing signals.
ETFs are getting approved left and right.
Washed celebrities are launching scams.
Return to the core of the community.
Study parabolic pumps.
So bullish it hurts. pic.twitter.com/zETxG244XA
— WebTrend Analytics 📊 (@WebTrendCo) June 27, 2024
The Solana ecosystem is expanding at a rapid rate, and Bonk will be one of the biggest gainers from this expansion. Aside from the potential SOL ETF, Worldcoin expanded its reach to Solana and Pantera Capital calling the network the “Mac OS of Blockchains”.
Furthermore, pumpdotfun launched on the network and flipped Solana’s 24-hour revenue. All of these constitute bullish sentiment for Bonk.
Bottom Line
Bonk price shows bullish potential, likely influenced by VanEck’s filing for a Solana (SOL) ETF. This development could boost the entire Solana ecosystem, including other meme coins.
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Evans Karanja is a content writer and scriptwriter with a focus on crypto, blockchain, and video gaming. He has worked with various startups in the past, helping them create engaging and high-quality content that captures the essence of their brand. Evans is also an avid crypto trader and investor, and he believes that blockchain will revolutionize many industries in the years to come. When he is not writing, you can find him playing video games or chasing waterfalls.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
