A closely followed crypto analyst believes one red-hot meme token operating on Solana (SOL) may continue soaring even higher.

Pseudonymous analyst Altcoin Sherpa tells his 243,800 followers on the social media platform X that artificial intelligence (AI)-based Fartcoin (FARTCOIN) may increase by more than 47% from its current value.

“Would rather buy higher (break of $1) or lower ($0.70) for Fartcoin. This is either charging up for a big move up to $1.25 or it’s going to pullback, I don’t have a clue where it goes in the short term. What I do know, however, is that this thing is going to go higher later on.”

Looking at his chart, the trader suggests FARTCOIN make another attempt to break through resistance at $0.96. However, he says the meme asset may first return to the .382 Fibonacci retracement level at $0.70.

Fartcoin hit a low of $0.265 on March 18th and is trading for $0.8542 at time of writing, up 222% in a month.

Next up, the analyst says that the SOL-based memecoin Bonk (BONK) has likely formed a local market bottom and is gearing up for a breakout.

“The relative short-term bottom is in in my opinion. Many strong alts have been in this range for about one month at this point. More consolidation and then a stronger move in one-two months in my opinion.”

BONK is trading for $0.00001182 at time of writing, down 1.1% in the last 24 hours.

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