A widely followed cryptocurrency analyst and trader is predicting a massive rally for one large-cap memecoin.
Pseudonymous crypto strategist Bluntz tells his 267,900 followers on social media platform X could increase by more than 495% from their current value.
“$10 next, it’s inevitable.”
The analyst relies on the Elliott Wave theory, which states that a bullish asset tends to experience a five-wave rally after completing an ABC correction.
With WIF down to $1.11 this week, Bluntz believes that WIF’s ABC correction is likely over and the memecoin is poised to unleash a massive upside move.
“In my view, it is safe to wait for the recovery of $1.60 on a daily closing basis, which would be confirmation of a bottom.”
WIF is trading at $1.68 at the time of writing, up 6% in the last 24 hours.
Then the analyst say that smart contract platform Solana (SOL) may have just witnessed a swing fail pattern (SFP) after a jump from $110.
“Three-day SFP is on track to also grow into a weekly SFP. I like to see it.”
SFPs are often sought by traders as potential turning points.
He too says SOL might have done that completed the ABC correction wave and that the market correction is probably over.
“I think that’s probably our ABC that we’ve done at this point and now we end up with SOL and $95 off the table.”
Solana is trading at $155 at the time of writing, up more than 9% in the last 24 hours.
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Generated image: DALLE3