One trader who has been steadily gaining followers with his altcoin calls believes that one of the Solana (SOL)-based mimecoins is set to see a massive rally.
Pseudo-analyst Blunts told his 268,500 followers on social media platform X that dogwifhat (WIF) is about to break out of a falling wedge.
This pattern is often considered a bullish reversal signal as it suggests weakening selling momentum.
Bluntz says:
“It’s hard when WIF starts.
Even though it was up 80% in a week, I would have definitely continued buying it if I hadn’t already taken a position.
“There is limited time left before the train leaves the station.”
Looking at the trader’s chart, he seems to be suggesting that WIF will break out of the wedge and then rise to $8. At the time of writing, WIF is trading at $1.63.
The analyst is also bullish on the native asset of Solana-based decentralized liquidity staking protocol Jito (JTO). The analyst believes that JTO has bottomed out after completing the ABC correction.
Blunts practices Elliott Wave Theory, which explains that assets tend to trend upward after completing ABC corrective waves.
Bluntz says:
“I think it’s time to get exposed to SOL Beta again.
I like the JTO here. It looks like a huge ABC pullback, followed by a 5 wave impulsive uptrend from the lows and a pullback to higher lows.
I think it’s an A+ setting. I’m long.”
Based on the trader’s chart, it appears he is predicting that JTO will surge to $5.
At the time of writing, JTO was worth $2.45.
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