dailyhodl.com
A closely followed crypto analyst believes one meme token operating on Solana (SOL) is in the early stages of a market recovery.
Pseudonymous analyst Altcoin Sherpa tells his 243,800 followers on the social media platform X that he’s bullish on the memecoin Bonk ($BONK).
The trader shares a chart suggesting that $BONK will face resistance at the $0.000012 level before printing a bullish higher low setup and rallying to his target above $0.0000145.
“$BONK is looking strong in the short term, and should go higher. Should be a pullback around the 200 EMA (exponential moving average) on the four-hour chart but still, I think this has pulled back enough to where any buying down here is probably reasonable.”
At time of writing, $BONK is worth $0.00001376.
Turning to the low-cap altcoin Alchemist AI ($ALCH), the analyst says the coin appears to be in an uptrend and that he’s waiting for potential dips to accumulate the asset.
$ALCH is an artificial intelligence (AI)-based crypto project that allows users with no coding skills to generate codes by providing natural language descriptions.
Says Altcoin Sherpa,
“$ALCH still seems like a really strong chart, don’t see it being mentioned much. I think it’s basically taken the place of ARC; a super volatile AI coin that moves 20% a day. Not in it but traded it a lot before; will look to buy dips.”
At time of writing, $ALCH is the 431st-largest crypto asset by market cap, trading at $0.109.
Looking at Bitcoin, Altcoin Sherpa thinks that $BTC will continue to consolidate within a large trading range in the short to mid-term.
“Expecting there is some sort of chop between $70,000-$90,000 over the next several weeks for $BTC. Relative bottom probably in, but still some more consolidation to come.”
At time of writing, Bitcoin is trading for $85,366.
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