Recently, investors’ interest in Bonk has been steadily increasing, driving up the price. VanEck’s application for a Solana ETF in the United States has fueled the potential for Bonk to reach a historic high. These developments highlight the resilience of the bullish trend for Bonk.
Current Data for BONK
Following VanEck’s submission of the Solana ETF application, the price of Bonk has risen by 9.9% in the past 24 hours, to around $0.00002421. The acceptance of Solana as a commodity prompted a quick response from Bonk. As the largest meme token on Solana, Bonk quickly adapted to this news. After experiencing a four-week downtrend, the price of Bonk began to rise at the start of this week. From a technical standpoint, the price trend for Bonk is within a bullish triangle formation. The trading price of Bonk is above the 50-day simple moving average (SMA) but below the 200-day SMA, indicating a potential reversal in price.
The 14-day relative strength index (RSI) broke above its moving average (MA) on Monday, signaling a shift in market sentiment to positive. With an RSI of 47, there is ample room for an increase. According to Coinalyze’s data, the total open interest (OI) for Bonk has increased by 8.91% in the past 24 hours. This indicates that investors expect the price of Bonk to continue rising. In addition, the 24-hour trading volume for Bonk has increased by 98%, indicating a growing interest among investors.
BONK Analysis Report
The price of Bonk is expected to continue rising and reach a target of $0.00004800. This target is 71% higher than the current price and matches Bonk’s previous all-time high. If the bullish trend continues to hold, Bonk may break out of the ascending triangle and reach a new high. Conversely, in a negative scenario, the price of Bonk may find support at levels of $0.00002186 and $0.00001397, and rise from there. The main reason for this price increase is the renewed interest following VanEck’s application for the Solana ETF. After this news broke, the price of Solana also rose by 6%.
WebTrend Analytics shared a parabolic scenario for Bonk and pointed out that the Solana ecosystem is rapidly expanding. Bonk is one of the tokens benefiting the most from this expansion. In addition to the potential of the SOL ETF, Worldcoin’s expansion to Solana, and Pantera Capital’s description of the network as the blockchain’s Mac OS, create a positive environment for Bonk. Therefore, with the increasing interest from investors and positive market developments, the price of Bonk has the potential to reach new highs.
