A widely followed cryptocurrency analyst and trader is predicting a massive rally for one large-cap memecoin.
Pseudonymous crypto strategist Bluntz tells his 267,900 followers on social media platform X that meme asset dogwifhat (WIF) could soar more than 495% from the current value.
“$10 next, it’s inevitable.”
The analyst relies on the Elliott Wave theory, which states that a bullish asset tends to go through a five-wave rally after completing an ABC corrective move.
With WIF having dropped down to $1.11 this week, Bluntz believes that WIF’s ABC correction is likely over and the memecoin is ready to ignite a massive upside move.
“Safe bet in my opinion is to wait for the reclaim of $1.60 on a daily closing basis which would be confirmation of a low being in.”
WIF is trading for $1.68 at time of writing, up 6% in the last 24 hours.
Next up, the analyst says that smart contract platform Solana (SOL) may have just witnessed a swing failure pattern (SFP) after bouncing from $110.
“Three day SFP on track to roll into a weekly SFP as well. Love to see it.”
SFPs are often looked for by traders as potential reversal points.
He also says that SOL may have completed the ABC corrective wave and that its market correction is likely over.
“I think that is probably our ABC done at this point and bottom in on SOL and $95 off the table now.”
Solana is trading for $155 at time of writing, up more than 9% in the last 24 hours.
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