- A renowned cryptocurrency analyst known as Bluntz is optimistic about a lesser-known memecoin built on the Solana (SOL) blockchain.
- Bluntz highlights that PONKE (PONKE) has demonstrated a bullish trend, surging dramatically in a short time frame.
- The memecoin experienced a stunning rise of 7,238% from its January low to its current trading price of $0.681.
Discover the latest bullish trends in the crypto world as PONKE on the Solana blockchain gains traction and Bitcoin shows signs of upward momentum.
PONKE Surges With Bullish Momentum
According to Bluntz, PONKE has broken out of an ascending channel and subsequently turned the upper boundary of this channel into a support level. This is a classic bullish structure that has caught the attention of Bluntz’s 265,500 followers on the social media platform X. Currently trading at $0.681, PONKE has skyrocketed from a January 3rd low of $0.00928, marking an astounding increase of 7,238%. This remarkable ascent underscores the potential of lesser-known cryptocurrencies in the DeFi landscape.
Bitcoin Shows Upward Potential
Bluntz also provides insights into Bitcoin’s recent price action using the Elliott Wave theory. His analysis suggests that Bitcoin has completed a three-wave move to the downside on the one-hour chart, positioning it for an upward trend. The Elliott Wave theory posits that asset prices move in a five-wave pattern in the direction of the main trend and a three-wave pattern during corrections. According to Bluntz, Bitcoin could potentially complete its five-wave upward pattern just shy of the $70,000 mark, signaling a favorable long-term outlook for the leading cryptocurrency.
US Dollar Weakness Favors Crypto
Another important aspect of Bluntz’s analysis involves the US Dollar Index (DXY). He notes that the DXY has experienced significant depreciation recently, although it has remained range-bound on higher time frames for over a year. Currently at 104.33 points, he predicts a further decline towards 102 points over the coming months. A weaker US dollar traditionally bodes well for cryptocurrencies, as it implies a favorable risk-on environment. Bluntz believes this scenario will be “great for crypto and risk-on assets.”
Conclusion
In summary, it appears that PONKE is showing significant promise with its strong bullish trend on the Solana blockchain. Simultaneously, Bitcoin is poised for further gains according to Elliott Wave theory analysis, while a weakening US dollar could provide a favorable backdrop for the crypto market overall. Investors should keep these developments in mind as they navigate the ever-evolving landscape of digital assets, although due diligence and a thorough understanding of market dynamics remain essential.
