A widely followed cryptocurrency analyst and trader is predicting a massive rally for a large-cap memecoin.
Pseudonymous crypto strategist Bluntz tells his 267,900 followers on social media platform X that meme asset dogwifhat (WIF) could surge more than 495% from its current value.
“$10 then, it’s inevitable.”
The analyst relies on 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 falling to $1.11 this week, Bluntz believes WIF’s ABC correction is likely over and the memecoin is poised to trigger a massive bullish move.
“In my opinion, the safest bet is to wait for the rally to $1.60 on a daily closing basis, which would be a confirmation of a lower low.”
WIF is trading at $1.68 at the time of writing, up 6% in the last 24 hours.
Next, the analyst claims that smart contract platform Solana (SOL) may have just witnessed a swing failure pattern (SFP) after bouncing from $110.
“The three-day SFP is on track to become a weekly SFP as well. I’m looking forward to that.”
SFPs are often looked to by traders as potential turning points.
He also claims that SOL may have completed the ABC corrective wave and its market correction is likely over.
“I think that’s probably our ABC done at this point and we’re deep in the SOL and we’re off the table at $95 now.”
Solana is trading at $155 at the time of writing, up more than 9% in the past 24 hours.
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