Memecoin Bonk Set for Rally as Analyst Predicts Strong Week

A crypto strategist ranked as a "Master Trader" on Bybit believes that Solana-based memecoin Bonk (BONK) is set for a strong performance this week, despite the recent downturn in the market.

Known by the pseudonym Bluntz, the analyst shared that BONK is currently in the midst of a five-wave rally, a pattern commonly associated with bullish momentum. Bluntz, an advocate of the Elliott Wave theory, suggests BONK could see a surge to $0.000033.

swift post weekly dip here which is ideal, $bonk in prime position for a turbo green week imo.

parabola soon. https://t.co/Diz9Ncasph pic.twitter.com/iZJbUMhscf

— Bluntz (@Bluntz_Capital) September 30, 2024

After observing a brief dip, Bluntz noted that BONK is in an ideal position for a recovery and is primed for what he describes as a “turbo green week.” As of now, BONK is trading at $0.00002023, down 20% in the past 24-hours.

In addition, Bluntz compared BONK’s price action to that of fellow memecoin Pepe (PEPE), suggesting that BONK is ready to outperform PEPE after showing a higher-low formation, a strong indicator of upward potential. He remarked that “the leader torch is being passed from PEPE to BONK.”

looks like the leader torch is being passed from $pepe over to $bonk.

higher low being put in on the bonk/pepe chart https://t.co/xE19mvMM5q pic.twitter.com/s5mH8v7cYb

— Bluntz (@Bluntz_Capital) September 30, 2024

Despite this, Bluntz remains optimistic about PEPE as well, viewing its current dip as a setup for another rally, expecting it to climb to $0.000013 before completing its own five-wave cycle. PEPE is currently trading at $0.00001, and Bluntz views the present correction as a key opportunity for investors waiting to enter the market.