The Bonk price has surged 7% in the last 24 hours to trade at $0.00002361 as of 4:15 a.m. EST, thanks to a 30% pump in trading volume to $548 million. Now, the market capitalization stands at $1.6 billion.
This slight price jump follows news earlier in the day that Osprey Funds launched the Osprey Bonk Trust, an ETP designed to give accredited investors safe exposure to $BONK, Solana’s most popular meme coin. Announced at Solana Breakpoint 2024, it was the first meme coin ETP and a major milestone in crypto assets’ journey into mainstream financial markets.
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🚨BREAKING BIG: @Solana-based memecoin $BONK (@bonk_inu) ETP has been approved — the world's first ever memecoin ETP. pic.twitter.com/XrlJE8LU97
— SolanaFloor (@SolanaFloor) October 16, 2024
The trust manages $48 million in assets and holds 2 trillion $BONK tokens. 9.7 million shares are available at 216,999 BONK per share. Copper Custody is the custodian of the fund. Investors in the fund must be accredited and have a minimum investment of $10,000, with a 2.5% management fee.
BONK Statistics
- Bonk price: $0.00002361
- Market cap:$1.6 Billion
- Trading volume: $545 million
- Circulating Supply: 69.47 Trillion
- Total supply:93.53 Trillion
BONK Price Cup and Handle Pattern Hints at Upside Rally
The price of BONK has traced out a bullish “Cup and Handle” pattern that usually breaks out to the upside, continuing the uptrend. The cup was traced out from mid-July to early October. It was succeeded by a short consolidation downwards the handle.
This is a probable upside breakout above the resistance line at $0.0of02399. In this case, if the breakout occurs, the price could rally up to the estimated target of $0.00003000 or even higher, based on the depth of the cup.
The support zone is at $0.00001930, where historic buyers historically prevent further decline. Moving averages also favor this bullish view. The 50-day simple moving average is at $0.00002306, which is very close to the current price, indicating that the short-term upward momentum is present. The 200-day SMA of $0.00001930 reinforces the support, signaling that the uptrend will remain intact as long as the price stays above these levels.
BONK Approaching Key Breakout Zone: Bullish Momentum Signals Potential Rally
Currently, the above the midpoint, with the RSI reading at 60.69; therefore, the token is in a bullish momentum but is not overbought, which means there is room for further upside before reaching conditions above the 70 mark. The token has recently been changing hands around $0.00002399.
Moreover, the daily low is $0.00002306, while on the upside, the token has climbed to $0.00002486. This slight fallback has only been a consolidation on the pattern’s handle and thus is usually a signal of an imminent breakout.
BONK’s technical analysis indicates that a breakout above the resistance at $0.00002399 with support at $0.00001930 is likely. Additionally, the MA-RSI alignment -, and the cup-and-handle pattern further solidifies upward expectations. However, traders should now pay close attention to resistance for the actual breakout that would confirm the next leg higher.
Any effective close above $0.00002399 for BONK would confirm the breakout and might position traders for a short-term rally toward the $0.00003000 level. If the price cannot break above this key resistance, it may fall back to the support at $0.00002306 or $0.00001930.
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