Recently, investors’ interest in Bonk has been steadily increasing, driving up its price. VanEck’s application for a Solana ETF in the United States has fueled the potential for Bonk to reach historic highs. These developments highlight the resilience of the bullish trend of Bonk.
Current Data for BONK
Following VanEck’s submission of the Solana ETF application, Bonk’s price has risen by 9.9% in the past 24 hours to around $0.00002421. The acceptance of Solana as a commodity has prompted a swift reaction from Bonk. As the largest meme token on Solana, Bonk quickly adapted to this news. After four weeks of a downtrend, Bonk’s price started to rise at the beginning of this week. From a technical perspective, Bonk’s price trend 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 towards positivity. With the RSI at 47, there is ample room for an uptrend. According to Coinalyze’s data, Bonk’s total Open Interest (OI) has increased by 8.91% in the past 24 hours, indicating investors’ anticipation of further price increases. Additionally, Bonk’s 24-hour trading volume has surged by 98%, showing a growing interest among investors.
Analysis Report for BONK
It is anticipated that Bonk’s price will continue to rise and reach a target of $0.00004800. This target represents a 71% increase from the current price and aligns with Bonk’s previous historical high. If the bullish trend persists, Bonk may break out of the ascending triangle and set a new high. Conversely, in a negative scenario, support levels for Bonk’s price could be found at $0.00002186 and $0.00001397, from where an upward movement may start. The primary reason for this price surge is the renewed interest sparked by VanEck’s Solana ETF application. Following this news, Solana’s price also increased by 6%.
WebTrend Analytics shared a parabolic scenario for Bonk, pointing out the rapid expansion of the Solana ecosystem. 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 describing the network as the blockchain Mac OS, create a positive environment for Bonk. Hence, fueled by increasing investor interest and a positively evolving market, Bonk’s price could potentially hit new highs.
