Why BONK Price Surged?

Bonk's recent surge was sparked by the announcement of the first BONK ETP at Solana Breakpoint 2024, with Osprey Funds launching the Osprey Bonk Trust for accredited investors.

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 BONK can maintain 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 BONK's upward momentum.

BONK's ability to stay above this key resistance level has made it a focal point for traders and enthusiasts.