A widely followed analyst and trader believes one Solana (SOL) ecosystem memecoin is gearing up for a major breakout.
The analyst pseudonymously known as The Flow Horse tells his 202,800 followers on the social media platform X that dogwifhat (WIF) is on the verge of flipping a key resistance level at $0.42 into support and that could kick off a massive rally.
“There are some mega obvious setups across the board. Few are as clear as WIF right here. This base is setting up a much larger leg higher again.”
WIF is trading for $0.62 at time of writing, up more than 30% in the last 24 hours.
Next up, the trader is turning bullish on Ethereum (ETH) layer-2 project Optimism (OP), preferring it over Arbitrum (ARB). He cites another social media user’s OP versus ARB ratio (OP/ARB) chart, which suggests OP is going to continue outperforming ARB.
“Agree. ARB isn’t a long hold, OP long stays on.”
Optimism is trading for $3.73 at time of writing, down nearly 3% in the last 24 hours.
The trader is also bearish on ARB because of the project’s scheduled token unlocks. Unlocks are often perceived as bearish because they create a new sellable supply.
“Oh yeah, way worse than I knew about. Taking this off. No use tying up capital in anything that isn’t A+ right now with the amount of trades that are available.”
Arbitrum is trading for $1.91 at time of writing, down more than 2% in the last 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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