According to a crypto strategist with a “Master Trader” rank on Bybit, a Solana (SOL)-based memecoin is expected to perform well this week despite the recent correction.
The analyst known as Bluntz, shared with his 278,100 followers on X that Bonk (BONK) appears to be undergoing a five-wave surge.
Bluntz is renowned for his expertise in the Elliott Wave theory, which suggests that a bullish asset typically experiences a five-wave rally.
He posted a chart indicating that BONK could surge to as high as $0.000033.
“Following a quick dip this week, BONK seems poised for a strong performance in the coming week. A parabolic move is imminent.”
As of now, BONK is trading at $0.000024, up from its lowest point in the last 24 hours of around $0.0000216.
Additionally, Bluntz shared a chart comparing BONK’s performance with another memecoin, Pepe (PEPE). He believes that BONK is set to outperform PEPE after showing a bullish higher-low setup.
“It seems like BONK is taking the lead from PEPE. A higher low has been established on the bonk/pepe chart.”
Regarding PEPE, Bluntz believes that the recent dip sets the stage for the memecoin’s next upward move.
“I still think this PEPE dip is part of wave 4 and presents a great opportunity for those on the sidelines. Expect a significant surge soon.”
Based on Bluntz’s analysis, he predicts that PEPE could rally to $0.000013 before completing a minor five-wave rally.
Currently, PEPE is valued at $0.00001.
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