A closely followed crypto analyst believes one meme token operating on Solana (SOL) is in the early stages of a market recovery.

Pseudonymous analyst Altcoin Sherpa tells his 243,800 followers on the social media platform X that he’s bullish on the memecoin Bonk (BONK).

The trader shares a chart suggesting that BONK will face resistance at the $0.000012 level before printing a bullish higher low setup and rallying to his target above $0.0000145.

“BONK is looking strong in the short term, and should go higher. Should be a pullback around the 200 EMA (exponential moving average) on the four-hour chart but still, I think this has pulled back enough to where any buying down here is probably reasonable.”

At time of writing, BONK is worth $0.00001376.

Turning to the low-cap altcoin Alchemist AI (ALCH), the analyst says the coin appears to be in an uptrend and that he’s waiting for potential dips to accumulate the asset.

ALCH is an artificial intelligence (AI)-based crypto project that allows users with no coding skills to generate codes by providing natural language descriptions.

Says Altcoin Sherpa,

“ALCH still seems like a really strong chart, don’t see it being mentioned much. I think it’s basically taken the place of ARC; a super volatile AI coin that moves 20% a day. Not in it but traded it a lot before; will look to buy dips.”

At time of writing, ALCH is the 431st-largest crypto asset by market cap, trading at $0.109.

Looking at Bitcoin, Altcoin Sherpa thinks that BTC will continue to consolidate within a large trading range in the short to mid-term.

“Expecting there is some sort of chop between $70,000-$90,000 over the next several weeks for BTC. Relative bottom probably in, but still some more consolidation to come.”

At time of writing, Bitcoin is trading for $85,366.

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