A crypto strategist who continues to build a following with timely altcoin calls believes one memecoin is about to witness a major blowout to the upside.
Pseudonymous analyst Bluntz tells his 289,900 followers on social media platform
Bluntz says dogwifhat is issuing multiple bullish signals against Solana (WIF/SOL), indicating the memecoin is gearing up for a major reversal.
“SOL is currently leading the market and WIF/SOL has bottomed out.
A huge five behind the four o’clock mark [chart] and widely varying.
With SOL looking insanely bullish, I think WIF is about to go crazy.
My bags are packed.”
Bluntz applies Elliott Wave theory, which states that an asset’s trend tends to end after a five-wave move. Based on the trader’s chart, he seems to suggest that WIF/SOL has completed a five-wave correction, indicating that the memecoin is poised to outperform Solana.
At the time of writing, WIF is trading at $2.59, up almost 6% on the day.
As for the layer-1 protocol Sui (SUI), Bluntz believes the altcoin is in the early stages of a wave-five rally to reach a new all-time high at $3.
“SUI macro wave four is nearing completion, reaching the 0.38 Fibonacci level of macro wave three and still expecting new ATHs and a fifth wave up.”
At the time of writing, SUI is worth $1.90, up over 10% in the last 24 hours.
The last altcoin on the trader’s radar is Popcat (POPCAT). Bluntz shares a chart suggesting POPCAT is in the midst of a five-wave move with a price target of around $2.10.
“Nice flat on POPCAT, also done this weekend, back to ATH’s (all-time highs), in my opinion.”
At the time of writing, POPCAT is trading at $1.69, up more than 15% in the past day.
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Generated image: Midjourney