A widely followed cryptocurrency analyst and trader is becoming bullish on a memecoin built in the Solana (SOL) ecosystem.
The pseudonymous analyst known as Bluntz tells his 286,900 followers on social media platform X that Popcat (POPCAT) is “about to go parabolic.”
Bluntz says Popcat has remained “incredibly strong” amid a crypto market correction over the past few days.
“Strength during market-wide downturns typically translates into undeniable outperformance during market-wide strength.”
Based on a four-hour chart made by the pseudonymous analyst who regularly applies Elliott Wave theory in his technical analysis, it appears that Bluntz is suggesting that Popcat could surpass $2.30 in a five-wave pattern. . The Elliott Wave Theory states that the main trend in an asset’s price moves in a five-wave pattern while a correction occurs in a three-wave pattern.
The pseudonymous analyst also claims that Popcat, which previously reached an all-time high of around $1.67, broke out of an ascending channel on the daily time frame.
“The first time I see a channel hit an all-time high, it usually happens at the bottom.”
Popcat is trading at $1.58 at the time of writing, up approximately 40,415% from the all-time low of $0.00379 reached in early January.
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