A widely followed crypto analyst is expressing bullish sentiment on a little-known altcoin built on the smart contract platform Solana (SOL).
Pseudonymous crypto strategist Bluntz tells his 247,700 followers on the social media platform X that memecoin Myro (MYRO) appears to be following in the footsteps of dogwifhat (WIF), another SOL-based meme asset.
[adinserter block="1"]According to Bluntz, who regularly applies the Elliott Wave theory in his technical analysis, MYRO is mirroring the price action displayed by WIF days ago before it saw a surge of about 80%.
The Elliott Wave theory states that the main trend of the price of an asset moves in a five-wave pattern while a correction takes place in a three-wave pattern.
MYRO is trading at $0.405 at time of writing, a 9.6% gain on the day, while WIF is trading for $3.29. On March 12th, WIF was moving for $1.87.
According to the analyst, MYRO could rally exponentially after breaking out from a descending channel.
“Not much time left before the MYRO god candle. Everyone’s going to be wishing they had bought some when the $0.45 all-time high breakout happens and it starts doing rapid multiples.”
Moving on to Solana, Bluntz says that it is destined to appreciate by double-digits against both Bitcoin (BTC) and Ethereum (ETH) after completing a three-wave downward-sloping pattern against each of the top two digital assets by market cap.
According to the analyst, Solana could record even higher gains against the US dollar while BTC hits a six-figure price tag sometime this cycle.
“Expecting at least 60% higher against both cross pairs, all while I think BTC is going greater than $120,000 this cycle. I’ll let you draw your own conclusions as to where SOL/USD might be heading.”
Solana is trading at $172 at time of writing while Bitcoin and Ethereum are trading for $72,917 and $3,950, respectively.
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