A widely followed cryptocurrency analyst and trader is expressing bullish sentiment on a Solana (SOL) ecosystem memecoin.
The analyst pseudonymously known as Bluntz tells his 240,300 followers on the social media platform X that dogwifhat (WIF) is on the cusp of breaking through its all-time high of around $0.47 (and which is now a major resistance level) and embarking on an irreversible rally.
“What if I told you this next leg on WIF is going to be the one that goes turbo parabolic? No more pulling back at $0.50 resistance, this is going to be the push that goes crazy in my opinion.”
Based on Bluntz’s chart, it appears that the analyst is suggesting that WIF has formed a descending channel chart on the four-hour chart from which it could break out to the upside after testing the lower boundary. It also appears that the analyst is suggesting that WIF has established a support level at around $0.289, a level which coincides with the 68.2% Fibonacci retracement level. The Fibonacci retracement level is a technical analysis tool that’s used to determine areas where price could reverse.
WIF is trading at $0.366 at time of writing, up by 7,556% from a price of $0.00478 on December 13th.
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