A trader who continues to grow his fan base through timely altcoin calls believes that a Solana (SOL)-based memecoin is preparing for a massive upside move.
Pseudonymous analyst Bluntz tells his 268,500 followers on social media platform X that Dogwifhat (WIF) appears to be preparing to break out of a falling wedge formation.
The pattern is often viewed as a bullish reversal signal as it indicates weakening selling momentum.
Bluntz says:
“When WIF gets going, things get tough.
Even though I’m up 80% in a week, I would definitely still buy it if I wasn’t already positioned.
There is only a limited time left before the train leaves the station.”
Looking at the trader’s chart, he seems to be suggesting that WIF will rise to $8 after a breakout from the wedge. At the time of writing, WIF is trading for $1.63.
The analyst is also bullish on the native asset of Solana-based decentralized liquid staking protocol Jito (JTO). The analyst believes that JTO has bottomed out after completing its ABC correction.
Bluntz practices the Elliott Wave Theory, which states that an asset tends to experience price increases after the completion of an ABC corrective wave.
Bluntz says:
“In my opinion, it is time to refocus on the SOL beta presence.
I like JTO here, I can see a damn big ABC decline followed by a impulsive five wave rise from the lows and a pullback to a higher low.
In my opinion, an A+ setup. I’m long.”
Based on the trader’s chart, he seems to predict that JTO will rise to $5.
At the time of writing, JTO is worth $2.45.
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Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, nor is it an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
