What's Behind the Surge in BONK Price?

The price of Bonk has recently skyrocketed because Osprey Funds launched the Osprey Bonk Trust at Solana Breakpoint 2024 to be the first Bonk ETP, which was specifically designed for accredited investors.

Assets under management totaling more than $48 million have already been secured. That's a strong initial demand, and it definitely sends a very strong bullish signal for the meme coin. There is excitement across the Solana ecosystem as investors show confidence in the growth prospects of Bonk .

Chart Analysis Fuels Optimism

Yet another recent study of the charts only tightened the optimism pointing at a bullish "inverted head-and-shoulders" pattern. In case BONK sustains above its neckline, it might even look to retest yearly highs.

At a more recent time, Bitcoin showed a significant uplift to the general resurgence in the cryptocurrency market, and this bodes well for the potential future continuation of BONK upwards. Its staying power above much-needed resistance is something of a focal point for traders of every generation.

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