A crypto strategist holding a “Master Trader” rank on the crypto exchange Bybit says one Solana (SOL)-based memecoin looks poised to have a strong week despite the latest correction.

Pseudonymous analyst Bluntz tells his 278,100 followers on the social media platform X that Bonk (BONK) looks to be in the midst of a five-wave surge.

Bluntz is a popular practitioner of the Elliott Wave theory, which states that a bullish asset tends to witness a five-wave rally.

The trader shares a chart suggesting that BONK will rally to as high as $0.000033.

“Swift post weekly dip here which is ideal, BONK in prime position for a turbo green week, in my opinion. 

Parabola soon.”

At time of writing, BONK is trading for $0.000024, up from its 24-hour low of around $0.0000216.

The trader also shares a chart comparing the price performance of BONK against fellow memecoin Pepe (PEPE). According to Bluntz, BONK looks primed to outperform PEPE after printing a bullish higher-low setup.

“Looks like the leader torch is being passed from PEPE over to BONK.

Higher low being put in on the bonk/pepe chart.” 

As for PEPE, the trader thinks the latest dip sets up the memecoin for the next leg up.

“Still think this PEPE dip is a wave 4 and an absolute gift for the sidelined bros.

Violently higher with haste.” 

Based on the trader’s chart, he seems to predict that PEPE will rally to $0.000013 before concluding a minor five-wave rally.

At time of writing, PEPE is worth $0.00001.