Bonk, the largest meme coin on Solana, has seen a significant price surge of 9.9% in the last 24 hours, reaching $0.00002421, following VanEck's filing for a Solana ETF in the US. This development marks a notable shift in the cryptocurrency market, as Bonk had been experiencing a four-week downtrend prior to this recent upswing.

The price increase is attributed to the growing interest in Solana, with VanEck's filing signaling a potential new all-time high for Bonk. The current price action is characterized by an ascending triangle, a bullish market structure, with the price trading above the 50-day but below the 200-day simple moving averages, indicating a potential price reversal. The 14-day relative strength index has crossed above its moving average, shifting market sentiment to bullish.

Open interest for Bonk has increased by 8.91% in the last 24 hours, signaling investors are taking positions in anticipation of further upside movement. The price is expected to continue its upward trajectory, targeting a previous all-time high price of $0.00004800, representing a 71% increase from the current price. In the event of a downward scenario, Bonk may find support around $0.00002186 and $0.00001397, from which it can bounce back up.

The recent surge in Bonk's price is largely driven by the growing interest in Solana, with VanEck's filing for a Solana ETF contributing to the bullish sentiment. The Solana ecosystem is expanding rapidly, with Bonk poised to be one of the biggest gainers from this growth. The filing for a Solana ETF comes after the approval of the first spot Bitcoin ETF in February, setting a precedent for other cryptocurrencies.

Analysts predict that Ether ETFs could attract $5 billion in net inflows within the first five months, indicating a growing interest in diversifying crypto investment products. The recent price increase in Bonk is a testament to the growing interest in Solana and the potential for further growth in the cryptocurrency market. As the market continues to evolve, it will be important to watch for signs of further growth and adoption, as well as potential regulatory changes that could impact the industry.

The expansion of the Solana ecosystem, including the launch of new products and services, is expected to drive further growth and adoption. The price of Bonk is expected to continue its upward trajectory, with a potential new all-time high on the horizon. Investors are advised to keep a close eye on market developments and adjust their strategies accordingly. With the growing interest in Solana and the potential for further growth, Bonk is poised to remain a key player in the cryptocurrency market. As the market continues to evolve, it will be important to watch for signs of further growth and adoption, as well as potential regulatory changes that could impact the industry.