Crypto Strategist Predicts 84% Rally for Solana-Based Bonk
A closely followed crypto strategist has expressed optimism about the future performance of a memecoin operating on the Solana blockchain, despite its significant gains this month. The pseudonymous analyst, Altcoin Sherpa, shared his bullish outlook on Bonk (BONK) with his 245,000 followers on the social media platform X. According to Altcoin Sherpa, BONK has broken out of an accumulation zone on the three-day chart, suggesting a potential rally to as high as $0.0000262 after surpassing its resistance at $0.0000142. The trader also indicated his intention to add to his position if there is a small dip in the price.
At the time of writing, BONK was trading at $0.0000182. Altcoin Sherpa also commented on the native asset of the non-fungible token (NFT) project Pudgy Penguins (PENGU), stating that the altcoin needs to establish a bullish higher low setup at around $0.0065 to reverse its multi-month downtrend. Failure to do so could result in pengu dropping to as low as $0.004. The trader noted that while the trend remains bearish, there are signs of life in coins like PENGU, and a reversal could occur if the market environment continues to improve. According to the trader’s chart, PENGU has the potential to soar to as high as $0.014 if it manages to establish a higher low. At the time of writing, PENGU was valued at $0.00985.
Regarding the broader altcoin market, Altcoin Sherpa cautioned that most coins are still in a high-time-frame downtrend, and the gains witnessed this month could be erased. However, he also noted that it is now possible for altcoins to start carving a major cycle bottom en route to a bullish reversal. The analyst expressed overall bullishness, predicting that the next major dip would present a "buy the dip" situation. He reminded followers that many altcoins are still in bearish market structures and have made lower highs and lower lows, but he believes that the market is improving.

Ask Aime: "Can I trust Altcoin Sherpa's prediction for Bonk's future price?"