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A crypto strategist holding a “Master Trader” rank on the crypto exchange Bybit says one Solana (SOL)-based memecoin looks poised to have a strong week despite the latest correction.
Pseudonymous analyst Bluntz tells his 278,100 followers on the social media platform X that Bonk (BONK) looks to be in the midst of a five-wave surge.
Bluntz is a popular practitioner of the Elliott Wave theory, which states that a bullish asset tends to witness a five-wave rally.
The trader shares a chart suggesting that BONK will rally to as high as $0.000033.
“Swift post weekly dip here which is ideal, BONK in prime position for a turbo green week, in my opinion.
Parabola soon.”
At time of writing, BONK is trading for $0.000024, up from its 24-hour low of around $0.0000216.
The trader also shares a chart comparing the price performance of BONK against fellow memecoin Pepe (PEPE). According to Bluntz, BONK looks primed to outperform PEPE after printing a bullish higher-low setup.
“Looks like the leader torch is being passed from PEPE over to BONK.
Higher low being put in on the bonk/pepe chart.”
As for PEPE, the trader thinks the latest dip sets up the memecoin for the next leg up.
“Still think this PEPE dip is a wave 4 and an absolute gift for the sidelined bros.
Violently higher with haste.”
Based on the trader’s chart, he seems to predict that PEPE will rally to $0.000013 before concluding a minor five-wave rally.
At time of writing, PEPE is worth $0.00001.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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