dailyhodl.com
A widely followed crypto analyst and trader is expressing bullish sentiment on an altcoin in the Solana (SOL) ecosystem that has skyrocketed by triple digits in four weeks.
The analyst pseudonymously known as Bluntz tells his 244,400 followers on the social media platform X that the memecoin dogwifhat (WIF) is primed for a “monster” surge after making a V-shaped recovery on the hourly chart.
Based on the pseudonymous analyst’s chart, it appears that the memecoin has completed a three-wave pattern, which signifies the end of a correction, as per the Elliott Wave theory.
The Elliott Wave theory states that the main trend of the price of an asset moves in a five-wave pattern while a minor corrective trend moves in a three-wave pattern.
WIF is trading at $2.08 at time of writing, a gain of 994% from the February 7th close of $0.190.
According to Bluntz, WIF could appreciate by up to 44% from the current level in the next leg of the rally.
“$2.50 – $3 next but you wouldn’t believe it.”
Bluntz also offers his forecast on the Pepe (PEPE) memecoin which has also recorded triple-digit rallies over the past 30 days.
“No impulsive decline yet on PEPE, still looks corrective and still expect fresh highs from here.”
PEPE is trading at $0.000008116 at time of writing, up around 780% over the past month. A 1000PEPE perpetual contract tracks the Pepe token and represents, as the symbol suggests, 1,000 PEPE tokens.
Generated Image: Midjourney