A Memecoin on Solana (SOL) Could Continue Rallying, Says Crypto Strategist

A popular crypto strategist, known as Altcoin Sherpa, has expressed optimism about the future of a memecoin running on the Solana (SOL) blockchain. Despite already seeing a 60% increase in value this month, Altcoin Sherpa believes that Bonk (BONK) still has room to grow.

Bullish on Bonk (BONK)

Altcoin Sherpa shared with his followers on X that he is bullish on Bonk (BONK) after the altcoin broke out of an accumulation zone on the three-day chart. According to the analyst, BONK has the potential to reach $0.0000262 after surpassing its resistance level at $0.0000142.

Currently, BONK is trading at $0.0000182, and Altcoin Sherpa, who holds a position in the coin, is considering adding more to his portfolio if there is a slight dip in price.

Pudgy Penguins (PENGU) and Market Trends

Altcoin Sherpa also discussed the native asset of the NFT project Pudgy Penguins, known as PENGU. The trader emphasized the importance of PENGU establishing a bullish higher low setup around $0.0065 to reverse its downward trend. Without this reversal, PENGU could potentially drop to $0.004.

Based on the trader’s analysis, PENGU could see a significant increase to $0.014 if it manages to form a higher low. At present, PENGU is valued at $0.00985.

Overall Altcoin Market Outlook

While Altcoin Sherpa acknowledges that most altcoins are still in a high-time-frame downtrend, he believes that the gains observed this month could be a precursor to a bullish reversal. Although cautioning about the bearish market structures of many altcoins, the analyst remains optimistic about the potential for a major cycle bottom and subsequent uptrend.

Altcoin Sherpa suggests that the next major dip could present a buying opportunity for investors, despite the prevailing bearish trends in the market. The analyst remains bullish overall and anticipates a positive trajectory for altcoins in the near future.

Stay Informed

For more updates and insights from Altcoin Sherpa, follow him on X and stay connected on Facebook and Telegram. Don’t miss out on important alerts by subscribing to receive email notifications directly to your inbox.

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Featured Image: Shutterstock/Art Furnace/Natalia Siiatovskaia