A dealer who nailed Bitcoin’s (BTC) value ground throughout the 2018 bear market believes that one memecoin working on the Solana (SOL) blockchain is primed to rally to a contemporary file excessive.
Pseudonymous analyst Bluntz tells his 249,400 followers on the social media platform X that he sees meme token dogwifhat (WIF) surging to a brand new all-time excessive of $4.50 earlier than concluding its five-wave surge.
Bluntz practices Elliott Wave concept, which states {that a} bullish asset tends to witness a five-wave transfer to the upside earlier than taking a breather.
Says the analyst,
“From the lows on WIF, it nonetheless wants yet one more leg as much as new all-time highs to completely full the five-wave construction. So for now nonetheless viewing this pullback as one other wave 4 with one closing all-time excessive leg up but to return.”
At time of writing, WIF is buying and selling for $3.06, up over 35% within the final 24 hours.
Taking a look at Solana itself, Bluntz says that he’s bullish on the altcoin after SOL held its floor throughout the newest marketwide correction.
“Pay attention to what dumped the least the final [48] hours. I sometimes wish to concentrate on no matter dumped the least after marketwide dumps, most individuals wish to concentrate on no matter dumped probably the most as a result of they assume they’re getting a greater entry however I don’t actually subscribe to that practice of thought.
SOL is an apparent standout.”
At time of writing, SOL is buying and selling for $202.89, up over 8% prior to now day.
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