In the last panel, it's implying that Honoka's the one on the left, some random schoolgirl's in the middle, and transformed Elena's on the right, and it's also currently present day. (Unlike Kaito's story that spanned three chapters that was in black background flashback mode.) I feel like that it's not entirely her though; the way the chapter's talking about her reeks of urban legend murderous ghost. Fake suicide, friend magically transforms, followed by not actually dying seems kind of... eh.
Hell if I know what's actually going on right now, though. I feel like Takeda Sun's better with the quirky silly relationships or fighting that Gleipnir started with, than the slowburn (or maybe not, depending on how it comes out later) drama that's trying to be built up right now.