dailyhodl.com
A widely followed analyst is leaning bullish on a memecoin built in the Solana ($SOL) ecosystem but with reservations.
The analyst pseudonymously known as Credible Crypto tells his 462,900 followers on the social media platform X that the dogwifhat ($WIF) memecoin is “quickly approaching attractive levels” for a position that can potentially be held till the end of the current cycle.
“The region between $0.20 – $0.50 is a place where I would actually consider blind bidding/buying spot for a longer term hold IF I believed that $WIF will one day make a comeback.
At these levels, the risk/reward is justified for spot buys in my opinion because the upside to prior highs would be, at minimum, a 10x and the downside is relatively limited from this region (unless it simply dies).”
The pseudonymous analyst, however, says that he has reservations about $WIF due to the prevailing negative sentiment surrounding Solana amid the controversies involving high-profile memecoins in its ecosystem.
“For now, because of the current environment surrounding $SOL and memecoins, I’m personally going to watch and wait for more price action to develop. Ideally, a clean accumulation range/bottom which may take some time.”
$WIF is trading at $0.64 at time of writing while Solana is trading at $170.
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