A crypto strategist holding the rank of “Master Trader” on crypto exchange Bybit says a Solana-based memecoin (SOL) looks set to have a good week despite the latest correction.
Pseudonymous analyst Bluntz tells his 278,100 followers on social media platform X that Bonk (BONK) appears to be in the middle of a five-wave surge.
Bluntz is a popular practitioner of Elliott Wave Theory, which states that a bullish asset tends to experience a five-wave rally.
The trader shares a chart suggesting that BONK will rise to $0.000033.
“Swift post-weekly split here, which is ideal, BONK in first place for a green turbo week, in my opinion.
Parable soon.
At the time of writing, BONK is trading at $0.000024, up from its 24-hour low of around $0.0000216.
The trader also shares a chart comparing the price action of BONK against fellow memecoin Pepe (PEPE). According to Bluntz, BONK appears poised to outperform PEPE after printing a bullish higher high and lower low pattern.
“It looks like the torch of leadership has passed from PEPE to BONK.
A higher low is written on the bonk/pepe chart.
As for PEPE, the trader believes that the latest drop prepares memecoin for the next stage.
“I still think this PEPE dip is a wave 4 and an absolute gift for marginalized brothers.
Violently high with haste.
Based on the trader’s chart, he appears to predict that PEPE will rally back to $0.000013 before concluding a minor five-wave rally.
At the time of writing, PEPE is worth $0.00001.
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