Bonk (BONK) Not Yet Done Rallying, Stressing One Memecoin Running on Solana (SOL) Could Be the Next Big Thing

Popular crypto strategist Altcoin Sherpa is remaining bullish on one memecoin running on Solana (SOL), even after the asset gained over 60% this month.

The trader, who has over 245,000 followers on X, says he’s bullish on Bonk (BONK) following the altcoin’s breakout of an accumulation zone on the three-day chart. The trader adds that he’s planning to add to his position if he gets a chance to at a small dip.

“BONK is going much higher (I have a bag). Looks good on the charts as well.

Think I’m going to add to my position if I get a small dip.”

At the time of writing, BONK is changing hands for $0.0000182.

Turning to the native asset of the non-fungible token (NFT) project Pudgy Penguins (PENGU), the trader says the altcoin needs to print a bullish higher low setup at around $0.0065 to start reversing its multi-month downtrend. Otherwise, Altcoin Sherpa warns that PENGU may drop to as low as $0.004.

“Coins like PENGU got rekt the last several months but are showing some signs of life. The true test is going to be where the next low is and how the reaction is.

The trend is still bearish, so don't be so quick to catch knives. That said, we could see some reversal if the environment continues to ease up.”

Based on the trader’s chart, he appears to suggest that PENGU may soar to as high as $0.014 if the altcoin manages to establish a higher low.

At the time of writing, PENGU is trading at $0.00985.

As for the broader altcoin market, the analyst warns that most coins are still in a high-time-frame downtrend and that the gains witnessed this month could be erased. However, Altcoin Sherpa notes that it is now within the realm of possibility for altcoins to start carving a major cycle bottom en route to a bullish reversal.

"To be clear, I'm pretty bullish overall and think that we're going higher and the next major dip is a BUY THE DIP situation.

HOWEVER, most alts still are in bearish market structures (see TAO) and continuation of that trend is down. I think we go higher for everything, but just a careful reminder that these sh*tcoins are still in bearish trends and have made lower highs, lower lows.

I do think that we're doing better, though."