Bluntz, a well-known trader and Elliott wave expert, predicts the recovery of some altcoins in the context of a correcting digital asset market.
He shared that the PYTH token of the decentralized oracle service Pyth Network has surpassed the bullish flag pattern. According to Bluntz's chart, PYTH is in the middle of a five-wave bullish trend, with the current price around $0.50.
The Solana ecosystem is showing signs of recovery, and the PYTH chart indicates a strong upward trend. It seems that an impressive growth momentum is forming.
Bluntz practices Elliott wave theory, according to which a bullish asset typically undergoes a cycle of five upward waves, followed by an ABC correction. Based on the chart, Bluntz believes that PYTH is on the verge of starting the fifth wave after breaking the bullish flag pattern.
PYTH 1-hour price chart | Source: Bluntz/X
At the time of writing, PYTH is trading at $0.46.
Bluntz also expressed optimism about memecoins, suggesting that this sector may soon experience a surprising revival. He pointed out Bonk (BONK), a competitor to Dogecoin (DOGE) on the Solana platform, as a potential candidate to lead the memecoin recovery. Bluntz noted that BONK may have completed the bearish ABC wave correction, indicating the possibility of an upcoming bullish rally according to Elliott wave theory.
BONK has dropped 46% from its highs and appears to have completed a three-wave correction. This is an attractive price level to buy in, as such dips are not common. I believe a new bullish rally will set new records.
Based on the chart, Bluntz predicts that BONK could rise to nearly $0.00007 before completing the five-wave rally.
BONK 12-hour price chart | Source: Bluntz/X
https://tapchibitcoin.io/altcoin-he-solana-san-sang-but-pha-bonk-ath.html
