A popular crypto analyst, Altcoin Sherpa, is predicting big things for the Solana-based memecoin, Bonk (BONK).
Bonk’s Bullish Outlook
After a stellar April with over 60% gains, Sherpa believes Bonk still has room to run. He points to a breakout from an accumulation zone on the three-day chart, suggesting a potential price surge to $0.0000262. He even hinted at adding to his own Bonk holdings if the price dips slightly. At the time of this writing, BONK is trading around $0.0000182.
Pudgy Penguins (PENGU) Faces a Test
The analyst also weighed in on Pudgy Penguins’ native token, PENGU. He sees a crucial test for the coin, needing to establish a higher low around $0.0065 to reverse its months-long downtrend. Failure to do so could send PENGU as low as $0.004. However, a successful higher low could propel PENGU as high as $0.014, according to Sherpa’s chart analysis. PENGU is currently trading at $0.00985.
Broader Altcoin Market: Cautious Optimism
While Sherpa expresses overall bullishness and believes a “buy the dip” scenario is likely, he cautions that many altcoins are still in a bearish trend. He reminds investors that the recent April gains could be temporary, and many altcoins are still showing lower highs and lower lows. Despite this, he remains optimistic about the overall market’s potential for a major cycle bottom and subsequent bullish reversal.