Solana network nearly reached a halt in 2023, but it slowly recovered above $200. During this period, it received significant support from meme coins. While many meme coin projects made a mark last March, some faded into obscurity. One meme coin that caught everyone’s attention also drew the interest of a prominent market figure.
What is the Price of PONKE?
A well-known analyst in the cryptocurrency world predicted a rise for a relatively low market cap cryptocurrency created on the Solana (SOL) blockchain.
Bluntz, the analyst, stated on X that PONKE (PONKE) turned the upper line of its rising channel formation into support after breaking out. According to him, if this support level is maintained, new peak price movements could occur.
PONKE, which saw a 7,238% increase from its low of $0.00928 on January 3, is trading at $0.6744 at the time of writing.
Following PONKE, when examining Bitcoin (BTC), the trader who generally prefers using Elliott Wave theory for technical analysis did not foresee a significant rise.
The analyst, who examined the hourly price of BTC, noted that the three-wave downward movement seemed to be ending and now appeared ready to rise. Briefly explaining Elliott Wave theory, it suggests that the main trend of the analyzed asset operates within a five-wave model, while a correction occurs in a three-wave model.
According to Bluntz’s post, the three-wave downward movement appeared to be part of a large five-wave upward formation. Bluntz also suggested that Bitcoin could complete its five-wave formation just below the $70,000 price level.
US Dollar Losing Strength
Bluntz also highlighted the strength of the US dollar, a crucial factor for cryptocurrencies, and suggested that the US dollar might weaken in the coming months depending on future decisions, which could strengthen cryptocurrencies.
The US Dollar Index (DXY) has been under fire all week but remains tied to a high time range for over a year. I think we will head towards 102 in the next few months. I believe it’s great for crypto and risk.
The US Dollar Index is currently at 104.33.
