dailyhodl.com
A trader who nailed Bitcoin’s (BTC) price floor during the 2018 bear market believes that one memecoin running on the Solana ($SOL) blockchain is primed to rally to a fresh record high.
Pseudonymous analyst Bluntz tells his 249,400 followers on the social media platform X that he sees meme token dogwifhat ($WIF) surging to a new all-time high of $4.50 before concluding its five-wave surge.
Bluntz practices Elliott Wave theory, which states that a bullish asset tends to witness a five-wave move to the upside before taking a breather.
Says the analyst,
“From the lows on $WIF, it still needs one more leg up to new all-time highs to fully complete the five-wave structure. So for now still viewing this pullback as another wave four with one final all-time high leg up yet to come.”
At time of writing, $WIF is trading for $3.06, up over 35% in the last 24 hours.
Looking at Solana itself, Bluntz says that he’s bullish on the altcoin after $SOL held its ground during the most recent marketwide correction.
“Take note of what dumped the least the last [48] hours. I typically like to focus on whatever dumped the least after marketwide dumps, most people like to focus on whatever dumped the most because they think they’re getting a better entry but I don’t really subscribe to that train of thought.
$SOL is an obvious standout.”
At time of writing, $SOL is trading for $202.89, up over 8% in the past day.
Generated Image: Midjourney