A trader who continues to build his following with timely altcoin calls believes one Solana (SOL)-based memecoin is gearing up for a massive upside move.
Pseudonymous analyst Bluntz tells his 268,500 followers on the social media platform X that dogwifhat (WIF) looks to be setting up to break out from a falling wedge formation.
The pattern is often seen as a bullish reversal signal as it suggests weakening selling momentum.
Says Bluntz,
“When WIF gets going, it goes hard.
Despite being up 80% in a week, if I wasn’t already positioned, I would absolutely still be buying this.
Limited amount of time left before the train leaves the station.”
Looking at the trader’s chart, he seems to suggest that WIF will rally as high as $8 after a breakout from the wedge. At time of writing, WIF is trading for $1.63.
The analyst is also bullish on the native asset of the Solana-based decentralized liquid staking protocol Jito (JTO). The analyst thinks that JTO has bottomed out after completing its ABC correction.
Bluntz practices Elliott Wave theory, which states that an asset tends to witness rallies after concluding an ABC corrective wave.
Says Bluntz,
“Time to get some SOL beta exposure again, in my opinion.
I like JTO here, can see a big f**k off ABC decline followed by an impulsive five-wave rise from the lows and pullback into a higher low.
A+ setup in my opinion. I’m long.”
Based on the trader’s chart, he appears to predict that JTO will surge to $5.
At time of writing, JTO is worth $2.45.
Generated Image: Midjourney