A top cryptocurrency analyst and trader is predicting that a Solana (SOL) ecosystem memecoin could appreciate by triple digits.
The crypto strategist pseudonymously known as Bluntz tells his 239,300 followers on the social media platform X that a downtrending three-wave pattern on the daily chart of the memecoin dogwifhat (WIF) might be over with.
The analyst regularly uses Elliott Wave theory in his work, a technical analysis concept which states that main trends occur in five-wave patterns while corrections occur in three-wave patterns.
Based on Bluntz’s chart, the strategist is predicting the price of WIF could rise by around 272% from its current level in a five-wave pattern.
WIF is trading at $0.222 at time of writing, a 4.2% gain during the last day.
“Very boring price action over the last two days on Bitcoin.
Still think max pain is sweep both sides of the range but will continue to monitor.”
Based on Bluntz’s chart, the pseudonymous analyst foresees Bitcoin first rising above $44,000 before falling to below $41,500. After falling below $41,500, Bluntz suggests that Bitcoin will then appreciate to above $45,000.
Bitcoin is trading at $44,719 at time of writing.
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