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Top Trader Predicts Massive Rally for Solana-Based Memecoin, Says Train About To Leave Station – The Daily Hodl

13 August 2024
in Altcoin
Reading Time: 2 mins read
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A dealer who continues to construct his following with well timed altcoin calls believes one Solana (SOL)-based memecoin is gearing up for a large upside transfer.

Pseudonymous analyst Bluntz tells his 268,500 followers on the social media platform X that dogwifhat (WIF) appears to be like to be setting as much as get away from a falling wedge formation.

The sample is commonly seen as a bullish reversal sign because it suggests weakening promoting momentum.

Says Bluntz,

“When WIF will get going, it goes exhausting.

Regardless of being up 80% in per week, if I wasn’t already positioned, I might completely nonetheless be shopping for this.

Restricted period of time left earlier than the practice leaves the station.” 

Supply: Bluntz/X

Wanting on the dealer’s chart, he appears to counsel that WIF will rally as excessive as $8 after a breakout from the wedge. At time of writing, WIF is buying and selling for $1.63.

The analyst can also be bullish on the native asset of the Solana-based decentralized liquid staking protocol Jito (JTO). The analyst thinks that JTO has bottomed out after finishing its ABC correction.

Bluntz practices Elliott Wave idea, which states that an asset tends to witness rallies after concluding an ABC corrective wave.

Says Bluntz,

“Time to get some SOL beta publicity once more, in my view. 

I like JTO right here, can see a giant f**okay off ABC decline adopted by an impulsive five-wave rise from the lows and pullback into the next low.

A+ setup in my view. I’m lengthy.”

Image
Supply: Bluntz/X

Based mostly on the dealer’s chart, he seems to foretell that JTO will surge to $5.

At time of writing, JTO is value $2.45.

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Disclaimer: Opinions expressed at The Day by day Hodl will not be funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your personal danger, and any losses it’s possible you’ll incur are your duty. The Day by day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital property, neither is The Day by day Hodl an funding advisor. Please observe that The Day by day Hodl participates in internet affiliate marketing.

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Tags: DailyHodlLeaveMassivememecoinPredictsRallySolanaBasedStationTopTraderTrain
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