A trader who nailed Bitcoin’s (BTC) price floor during the 2018 bear market believes that one memecoin running on the Solana (SOL) blockchain is primed to rally to a fresh record high.
Pseudonymous analyst Bluntz tells his 249,400 followers on the social media platform X that he sees meme token dogwifhat (WIF) surging to a new all-time high of $4.50 before concluding its five-wave surge.
Bluntz practices Elliott Wave theory, which states that a bullish asset tends to witness a five-wave move to the upside before taking a breather.
Says the analyst,
“From the lows on WIF, it still needs one more leg up to new all-time highs to fully complete the five-wave structure. So for now still viewing this pullback as another wave four with one final all-time high leg up yet to come.”
At time of writing, WIF is trading for $3.06, up over 35% in the last 24 hours.
Looking at Solana itself, Bluntz says that he’s bullish on the altcoin after SOL held its ground during the most recent marketwide correction.
“Take note of what dumped the least the last [48] hours. I typically like to focus on whatever dumped the least after marketwide dumps, most people like to focus on whatever dumped the most because they think they’re getting a better entry but I don’t really subscribe to that train of thought.
SOL is an obvious standout.”
At time of writing, SOL is trading for $202.89, up over 8% in the past day.
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