A widely respected analyst is expressing bullish sentiments about major Ethereum (ETH) rivals as the overall cryptocurrency market cap approaches $3 trillion.
Analyst known by the pseudonym Bluntz says 247,200 followers on social media platform
“Solana seems to have been accumulating vertically since the low on January 23. I think the floodgates will open soon.”
Solana is trading at $152 at the time of this writing, approximately 591% higher than its closing price of $22 on October 14, 2023.
Next is dogwifhat (WIF), a memecoin based on Solana. Depending on the For Bluntz, who regularly applies Elliott Wave Theory to technical analysis, WIF is likely to end its short-term downtrend on the 1-hour chart after completing a five-wave pattern within the last wave of a corrective three-wave pattern.
Elliott Wave Theory states that major trends in asset prices move in a five-wave pattern, while corrections occur in a three-wave pattern.
According to Bluntz’s chart, the analyst appears to believe that WIF is likely to reach a price of $2.80 from current levels.
WIF is trading at $2.31 at the time of this writing.
Next up is MYRO, a low-cap memecoin based on Solana. Depending on the For Bluntz, MYRO will soar even higher.
“It is still the only dog coin under $1 billion on several Tier-1 exchanges, but that won’t last long.
maze.”
MYRO is trading at $0.339 at the time of this writing and has a market capitalization of just over $338 million.
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