Analyst Predicts Further Rise for Solana-Based Meme Coin, Anticipates PENGU to Undergo Significant Challenge Following April Uptrend

Sherpa's Buying Spree: Bonk Set to Reach Heavens but Pudgy Penguins Need a Breakthrough

Get ready for some crypto excitement as one of the industry's most influential analysts, known as Altcoin Sherpa, has his eyes set on two unique offerings. While Bonk (BONK) has already made over 60% gains this month, the trader believes it's far from reaching its peak. On the other hand, Pudgy Penguins (PENGU) need a specific bullish higher low setup to reverse their multi-month downtrend.

The Big Klever Call: Bonk All Day, Every Day?

Pseudonymous analyst Altcoin Sherpa has expressed his fascination with Bonk, a memecoin running on the Solana (SOL) blockchain. After the altcoin broke out of an accumulation zone on the three-day chart, Altcoin Sherpa thinks BONK is destined for much greater heights.

He shared a chart predicting BONK could climb up to $0.0000262 if it successfully breaks its resistance at $0.0000142. With the current price of $0.0000182, that's quite the bullish forecast.

"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."

Taking Flight or Penguins in Decline?

Turning to the non-fungible token (NFT) project Pudgy Penguins, the trader highlights that the altcoin needs to meet certain criteria if it wants to buck its recent trend of disappointment. Altcoin Sherpa recommends that PENGU prints a bullish higher low setup around $0.0065 to begin reversing its prevailing downtrend. Otherwise, the trader warns that PENGU may plummet as low as $0.004.

"Coins like PENGU have been knocked about the last several months but are starting to show 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 be careful addressing fallen knives. However, if the environment continues to ease up, we could see some reversal coming."

Based on his chart, Altcoin Sherpa hints that PENGU could skyrocket up to $0.014 if it manages to establish a higher low. Currently, PENGU trades at $0.00985.

Welcome to the Rollercoaster of Altcoin Trading

Altcoin Sherpa maintains a generally optimistic outlook for the broader altcoin market. While most coins are still mired in a high-time-frame downtrend, the gains witnessed this month could mark the beginning of a major cycle bottom en route to a bullish reversal.

However, he cautions that altcoins remain in bearish market structures at this time, with lower highs and lower lows prevalent. Altcoin Sherpa urges investors to be mindful of the risks, yet insists that the next major dip is an opportunity for a strategic buy-in.

"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."

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Despite Bonk already making over 60% gains this month, Altcoin Sherpa remains bullish, predicting it could reach $0.0000262 if it breaks its resistance at $0.0000142, according to his chart analysis.
On the other hand, Pudgy Penguins need a specific bullish higher low setup around $0.0065 to reverse their multi-month downtrend, as recommended by the analyst.
Altcoin Sherpa advises caution when investing in altcoins, as they are still in bearish market structures with lower highs and lower lows prevalent, despite the gains seen this month.
A disclaimer reminds readers that opinions expressed in The Daily Hodl are not investment advice, and they should always do their research before investing in cryptocurrencies.

A well-regarded cryptocurrency analyst predicts that a meme-based coin operating on the Solana network (SOL) hasn't reached its peak of appreciation, despite recording over 60% growth this month.

Crypto analyst maintains optimism about a memecoin operating on the Solana network (SOL), predicting further rallies despite the coin already achieving over 60% growth this month.

Crypto analyst, closely watched in the community, predicts that a memecoin built on Solana (SOL) hasn't reached its peak yet, despite a surge of over 60% in performances this month.

Analyst Predicts Further Rise for Solana-Based Meme Coin, Anticipates PENGU to Undergo Significant Challenge Following April Uptrend