In a recent social media update, renowned cryptocurrency expert Bluntz has issued a forecast that could spell trouble for holders of the memecoin dogwifhat (WIF) and Solana‘s native token (SOL). Utilizing his analytical skills and the Elliott Wave theory, Bluntz projects a substantial price decline for both digital assets. His findings have stirred discussions among cryptocurrency investors and market watchers.
WIF Expected to Experience a Steep Correction
Bluntz’s technical analysis, underpinned by the Elliott Wave principle, suggests that WIF has completed its bullish cycle and is on the brink of entering a corrective phase. He anticipates that WIF might face a severe devaluation of approximately 69%, falling to a price point of $1. His forecast is based on the completion of a five-wave growth pattern and the imminent start of an ABC correction wave.
The analysis points to the 0.786 Fibonacci retracement level as a significant marker, hinting at potential support and resistance zones. Currently, WIF has seen an astronomic rise from its initial price, trading at $3.32, a leap from $0.00478 recorded at its launch.
Solana Token SOL Also to Retract
Alongside the WIF prognosis, Bluntz expects Solana’s SOL token to retract following a visible three-wave correction pattern. He forecasts a 7% reduction from its present trading value, which could see the digital currency revisiting the $160 level. The latest data shows SOL achieving a modest increase, trading at $176.14.
Points to Consider
- WIF could decline by 69% to a value of $1, indicating a significant correction phase.
- SOL might face a 7% drop, potentially retracting to $160 as per Bluntz’s analysis.
- Investors and traders should monitor the 0.786 Fibonacci level for WIF and the $160 mark for SOL as critical points of interest.
Bluntz’s predictions are generating interest among the crypto community, as these assets prepare for potential downward adjustments. Market participants are advised to keep a close watch on these developments and consider the impact on their investment strategies.