A crypto strategist holding a “Grasp Dealer” rank on the crypto trade Bybit says one Solana (SOL)-based memecoin seems to be poised to have a robust week regardless of the newest correction.
Pseudonymous analyst Bluntz tells his 278,100 followers on the social media platform X that Bonk (BONK) seems to be to be within the midst of a five-wave surge.
Bluntz is a well-liked practitioner of the Elliott Wave idea, which states {that a} bullish asset tends to witness a five-wave rally.
The dealer shares a chart suggesting that BONK will rally to as excessive as $0.000033.
“Swift submit weekly dip right here which is right, BONK in prime place for a turbo inexperienced week, for my part.
Parabola quickly.”
At time of writing, BONK is buying and selling for $0.000024, up from its 24-hour low of round $0.0000216.
The dealer additionally shares a chart evaluating the value efficiency of BONK towards fellow memecoin Pepe (PEPE). Based on Bluntz, BONK seems to be primed to outperform PEPE after printing a bullish higher-low setup.
“Seems to be just like the chief torch is being handed from PEPE over to BONK.
Increased low being put in on the bonk/pepe chart.”
As for PEPE, the dealer thinks the newest dip units up the memecoin for the subsequent leg up.
“Nonetheless suppose this PEPE dip is a wave 4 and an absolute present for the sidelined bros.
Violently increased with haste.”
Based mostly on the dealer’s chart, he appears to foretell that PEPE will rally to $0.000013 earlier than concluding a minor five-wave rally.
At time of writing, PEPE is price $0.00001.
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