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- The Osprey BONK Trust offers accredited investors an easy way to invest in BONK.
- Positive on-chain metrics bolster the BONK.
- Recent chart analysis has identified a bullish pattern, further enhancing the optimistic outlook for BONK.
With its remarkable performance, the Solana-based meme coin Bonk (BONK) significantly impacts the cryptocurrency world. As of now, the BONK coin has surged nearly 30% this week and about 60% this month, bouncing off dynamic support.
This strong momentum has pushed its price close to the resistance block at around $0.00002962. This momentum in .
This rally has been primarily driven by Bitcoin‘s (BTC) bullish performance this month. The BTC recently climbed above $68,000.
However, some turbulence has been observed near the $68,000 mark. It caused the global crypto market cap to dip slightly from $2.34 Trillion to $2.31 Trillion. Despite this, the overall market cap remains 1% higher, with a 20.05% increase in total market volume to $107.5 Billion.
Keep reading for more insights on whether BONK coin‘s price will continue to rise amid broader market fluctuations.
Bullish On-Chain Metrics
According to Coinglass, BONK coin‘s OI-weighted funding rates have risen to a positive 0.0090% from an intraday low of negative 0.0044%. This indicated a shift toward market optimism. Traders are increasingly betting on BONK’s potential for price growth.
Similarly, BONK crypto‘s open interest has surged to $276.78 Million, an 11.69% increase from the previous session. Despite this bullish momentum, the 24-hour long/short ratio stood at 0.9869.
It suggested a close contest between buyers and sellers. Sellers were slightly ahead as BTC faced turbulence after surpassing $68,000.
This market shift has led to more liquidations in long positions compared to short ones. Over the past 24 hours, derivatives volume has jumped by 67.23%. This brought the total traded value to $537.51 million, reflecting growing demand for BONK coin in the derivatives market.
Additionally, $330.87K in short positions were opened, while $396.64K in long positions were liquidated intraday.
Why did the BONK Price surge?
Bonk’s recent surge was sparked by announcing the first BONK ETP at Solana Breakpoint 2024, with Osprey Funds launching the Osprey Bonk Trust for accredited investors.
So it begins… BONK ETP @OspreyFunds taking on initial group of accredited investors. Then comes application for listing on secondary markets (exchanges). -X post read, @iamkadense
The trust has already amassed over $48 Million in assets under management, indicating strong initial demand.
This development is a significant bullish signal for the meme coin, boosting enthusiasm within the Solana ecosystem as investors show confidence in Bonk’s growth potential.
Chart analysis has further fueled optimism, revealing a bullish “inverted head-and-shoulders” pattern. If the BONK price surges and maintains its position above the neckline, it may aim to retest yearly highs.
Bitcoin’s recent rise has also contributed to a broader cryptocurrency market recovery, which could provide additional support for the BONK coin‘s upward momentum.
BONK’s ability to stay above this critical resistance level has made it a focal point for traders and enthusiasts.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
