A cryptocurrency expert and trader, known as Bluntz, is cautioning investors about the potential collapse of a memecoin called dogwifhat (WIF) that is based on the Solana blockchain. Bluntz, who follows the Elliott Wave theory, believes that WIF could lose up to 70% of its value and drop as low as $1. He explains that WIF is currently undergoing a C-wave correction, which is a common pattern following a five-wave surge. Bluntz shares a chart that indicates WIF has already completed its rally and is poised for a downward movement.
WIF is currently trading at $3.44, representing a significant increase of approximately 3,854% from its low point in January, which was $0.087. Meanwhile, Bluntz also expresses bearish sentiments towards Solana (SOL), the fourth-largest cryptocurrency by market capitalization. He believes that SOL’s recent bounce was only a three-wave pattern, indicating that it is already in a downtrend. Bluntz shares a chart suggesting that SOL may experience a temporary bounce near $180 before dropping below $140.
At the time of writing, SOL is trading at $168. It is important to note that the opinions expressed by The Daily Hodl and Bluntz are not investment advice, and investors should conduct their own research before making any high-risk investments in cryptocurrencies or digital assets.
