Recent economic turmoil in Japan triggered a severe crash in global financial markets and cryptocurrencies last Monday. Bitcoin and other major digital currencies faced unprecedented declines due to massive sell-offs. However, a recovery phase ensued, with some experts predicting significant upward trends.
What are the Analyst’s Views on WIF?
A well-known crypto analyst and investor has spotlighted WIF, the fourth largest meme coin by trading volume, as a candidate for a substantial rally. Bluntz, the analyst, projected on social media platform X that dogwifhat (WIF) could see a price surge exceeding 495% from its current valuation. He elaborated, “Next up is $10, this is inevitable.”
Bluntz’s forecast hinges on the Elliott Wave theory, predicting a five-wave price surge following an ABC corrective phase. With WIF dipping to $1.11 during the week, Bluntz argued that the meme coin’s ABC correction is likely completed, setting the stage for a notable price increase. “I think the safe trade is to wait for a daily close above $1.60, which will confirm a low level,” Bluntz suggested. Currently, WIF is trading at $1.79, marking a 6% rise over the past 24 hours.
Can Solana Coin Bounce Back?
The analyst also turned his attention to Solana (SOL), renowned as the “Ethereum killer.” SOL had plummeted to single-digit prices before bouncing back above $200. Bluntz indicated that Solana might have experienced a swing failure pattern (SFP) after rising from $110. He remarked, “The three-day SFP is on its way to becoming a weekly SFP. I love to see this.”
Swing failure patterns often indicate potential reversal points for analysts and investors. The analyst also suggested that Solana might have completed its ABC corrective wave, signaling the end of the market correction. “I think at this point, our ABC is probably completed, and SOL has bottomed out. Now, $95 is off the table,” he stated. Currently, Solana’s price has dipped to $153, reflecting a 3.27% drop in the last 24 hours, reducing its market cap to $71 billion.
Key Takeaways for Investors
Investment Insights:
- WIF could see a 495% price surge, potentially reaching $10.
- Wait for a daily close above $1.60 in WIF to confirm a low level.
- Solana might have completed its ABC corrective wave, signaling a bottom-out.
- Watch for swing failure patterns as potential reversal indicators.
Overall, the analysis highlights potential bullish scenarios for WIF and Solana, providing investors with key price levels to watch and patterns to monitor.