A trader who continues to build his following with timely altcoin calls believes a Solana (SOL)-based memecoin is gearing up for a massive upside move.
Pseudonymous analyst Bluntz tells his 268,500 followers on social media platform X that dogwifhat (WIF) appears to be in the process of breaking out of a falling wedge formation.
The pattern is often seen as a bullish reversal signal as it indicates that selling momentum is weakening.
Says Bluntz,
“When WIF gets going, things will be difficult.
Despite being up 80% in a week, I would absolutely still buy this if I wasn’t already positioned.
There is a limited amount of time remaining before the train leaves the station.”
Looking at the trader’s chart he seems to suggest that WIF will rise as high as $8 after a breakout from the wedge. At the time of writing, WIF is trading at $1.63.
The analyst is also bullish on the native assets of Solana-based decentralized liquid staking protocol Jito (JTO). The analyst believes that the JTO has bottomed after the completion of the ABC correction.
Bluntz applies the Elliott Wave theory, which states that an asset tends to witness rallies after the conclusion of an ABC correction wave.
Says Bluntz,
“I think it’s time to get some exposure to the SOL beta again.
I like JTO here, I can see a big drop in ABC followed by an impulsive five wave rise from the lows and a return to a higher low.
A+ setup in my opinion. I’m tall.”
Based on the trader’s chart, he seems to predict that the JTO will rise to $5.
At the time of writing, JTO is worth $2.45.
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Generated image: Midjourney