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A dealer who nailed Bitcoin’s (BTC) value flooring through the 2018 bear market believes that one memecoin operating on the Solana (SOL) blockchain is primed to rally to a contemporary report excessive.
Pseudonymous analyst Bluntz tells his 249,400 followers on the social media platform X that he sees meme token dogwifhat (WIF) surging to a brand new all-time excessive of $4.50 earlier than concluding its five-wave surge.
Bluntz practices Elliott Wave idea, which states {that a} bullish asset tends to witness a five-wave transfer to the upside earlier than taking a breather.
Says the analyst,
“From the lows on WIF, it nonetheless wants another leg as much as new all-time highs to completely full the five-wave construction. So for now nonetheless viewing this pullback as one other wave 4 with one ultimate all-time excessive leg up but to return.”
At time of writing, WIF is buying and selling for $3.06, up over 35% within the final 24 hours.
Solana itself, Bluntz says that he’s bullish on the altcoin after SOL held its floor throughout the latest marketwide correction.
“Be aware of what dumped the least the final [48] hours. I usually prefer to concentrate on no matter dumped the least after marketwide dumps, most individuals prefer to concentrate on no matter dumped probably the most as a result of they suppose they’re getting a greater entry however I don’t actually subscribe to that practice of thought.
SOL is an apparent standout.”
At time of writing, SOL is buying and selling for $202.89, up over 8% previously day.
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