A trader who is steadily increasing his following through timely altcoin predictions believes that a particular memecoin based on Solana (SOL) is poised for a significant upward movement. The pseudonymous analyst known as Bluntz recently shared his insights with his 268,500 followers on the social media platform X, indicating that dogwifhat (WIF) appears to be on the verge of breaking out from a falling wedge pattern. This formation is generally interpreted as a bullish reversal indicator, implying a decline in selling pressure.
Bluntz remarked, “When WIF starts moving, it moves aggressively. Even though it has surged 80% over the past week, if I weren’t already in, I would definitely still be buying. There’s not much time left before this opportunity disappears.”
Source: Bluntz/X
According to the trader’s analysis, he anticipates that WIF could soar to as high as $8 following a breakout from the wedge. Currently, WIF is trading at $1.63.
In addition to WIF, the analyst is optimistic about Jito (JTO), the native asset of a decentralized liquid staking protocol on the Solana network. Bluntz believes that JTO has reached its lowest point after completing an ABC corrective phase. He employs Elliott Wave theory, which suggests that assets often experience upward movements after finishing an ABC corrective wave.
He stated, “In my opinion, it’s time to gain some exposure to SOL again. I’m bullish on JTO at this level; I foresee a significant ABC decline followed by a strong five-wave upward movement from the lows, then a pullback into a higher low. This setup looks solid to me. I’m taking a long position.”
Source: Bluntz/X
Based on his chart analysis, Bluntz expects JTO to rise to $5. At present, JTO is valued at $2.45.
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**Disclaimer:** The opinions expressed at The Daily Hodl are not meant as investment advice. Investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please be advised that any transfers and trades you make are at your own risk, and any losses incurred are your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it serve as an investment advisor. Additionally, The Daily Hodl participates in affiliate marketing.
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