BONK’s Price Soars as Market Embraces VanEck’s ETF Proposal

Bonk’s price has jumped by 9.9% in the last 24 hours, reaching around $0.00002421 during European business hours on Friday. This surge follows VanEck’s filing for a Solana ETF in the US, asserting that SOL is a commodity. As the largest meme coin on Solana, Bonk swiftly responded to this news.

BONK Market Trend

After a 4-week downtrend, Bonk’s price began to rise on Monday this week. Its price action currently forms an ascending triangle, which is a bullish market structure from a technical standpoint. Bonk is currently trending above the 50-day but below the 200-day simple moving averages (SMA), indicating a potential upcoming price reversal.

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The Bonk 14-day relative strength index (RSI) moved above its moving average (MA) on Monday, shifting market sentiment to bullish. The RSI stands at the midpoint level (47) with significant room for upward movement.

Coinalyze data reveals that the aggregated open interest (OI) for Bonk rose by 8.91% in the last 24 hours, indicating investor positioning for anticipated price growth in BONK. Additionally, Bonk’s 24-hour trading volume increased by 98%, signaling heightened investor interest.

Expectations are for the price of Bonk to maintain its upward trajectory towards the $0.00004800 price target, which also represents its previous all-time high price. This rise signifies a 71% increase from the current price. Should bullish momentum persist, Bonk has the potential to break out of the ascending triangle and surge to new all-time high prices.

Alternatively, in a downward scenario, BONK’s price may find support at around $0.00002186 and $0.00001397, from which it could rebound.

Reasons Behind the Bonk Price Surge

The renewed interest in Bonk follows VanEck’s filing for a Solana ETF, asserting that the cryptocurrency is a commodity. The news also resulted in a 6% surge in the price of Solana.

According to a post on WebTrend Analytics official X account, a community of market analysts share Bonk parabolic scenario

The Solana ecosystem is rapidly expanding, and Bonk is expected to be one of the major beneficiaries of this expansion. Apart from the potential SOL ETF, Worldcoin has expanded its presence to Solana, and Pantera Capital has referred to the network as the “Mac OS of Blockchains”.

Additionally, pumpdotfun launched on the network and surpassed Solana’s 24-hour revenue. All of these factors contribute to a bullish sentiment for Bonk. The bullish potential in Bonk’s price is likely influenced by VanEck’s filing for a Solana (SOL) ETF, a development that could potentially enhance the entire Solana ecosystem, including other meme coins.

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Meet Daniel Abang: Crypto guru, content creator, and analyst. With a deep understanding of blockchain, he simplifies complex concepts, guiding audiences through the ever-changing crypto landscape. Trusted for his insightful analysis, Daniel is the go-to source for staying informed and empowered in the world of cryptocurrency.