A trader who continues to grow his audience with timely altcoin calls believes a Solana (SOL)-based memecoin is gearing up for a massive bullish move.
Pseudonymous analyst Bluntz tells his 268,500 followers on social media platform X that dogwifhat (WIF) appears to be preparing to break out of a descending wedge formation.
This pattern is often considered a bullish reversal signal as it suggests weakening selling momentum.
Bluntz says:
“When the WIF starts, it becomes difficult.
Despite an 80% increase in one week, if I wasn’t already positioned, I would absolutely still buy this stock.
There is little time left before the train leaves the station.
Looking at the trader’s chart, it seems to suggest that WIF could climb as high as $8 after a breakout of the wedge. At the time of writing, WIF is trading at $1.63.
The analyst is also bullish on the native asset of the Solana-based decentralized liquid staking protocol, Jito (JTO). The analyst believes that JTO has bottomed out after completing its ABC correction.
Bluntz practices Elliott Wave Theory, which states that an asset tends to rallies after completing a corrective wave ABC.
Bluntz says:
“It’s time to get reacquainted with the SOL beta, in my opinion.
I like JTO here, we can see a big ABC decline followed by an impulsive five wave rise from the lows and a pullback to a higher low.
A+ configuration in my opinion. I’m long.
From the trader’s chart, he seems to predict that JTO will climb to $5.
At the time of writing, the JTO is worth $2.45.
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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Image generated: Midjourney
