A broadly adopted cryptocurrency analyst and dealer is warning {that a} Solana (SOL)-based memecoin appears primed for an epic collapse.
The analyst pseudonymously generally known as Bluntz tells his 260,700 followers on the social media platform X that dogwifhat (WIF) may lose round 70% of its worth from present ranges.
The crypto strategist says that WIF is within the midst of a C-wave correction that would ship the altcoin to as little as $1.
Bluntz practices the Elliott Wave concept, a technical evaluation method that makes an attempt to foretell future worth motion by following crowd psychology that tends to manifest in waves. In response to the idea, an asset tends to witness an ABC corrective transfer following a five-wave surge.
The analyst shares a chart suggesting WIF has already accomplished a five-wave rally and could also be due for a closing leg down.
“Little WIF replace…. the plan hasn’t modified….. [Wave] B simply took longer than initially thought.”
WIF is buying and selling at $3.44 at time of writing, up by round 3,854% from the January low of $0.087.
Turning to Solana, the analyst says that the fourth-largest crypto asset by market cap appears bearish. In response to Bluntz, Solana’s massive bounce final month occurred in a three-wave sample as a substitute of a five-wave surge, indicating that SOL is already in a downtrend.
The analyst shares a chart suggesting that SOL might even see yet one more bounce near $180 earlier than falling beneath $140.
“Not wanting good bruv, not solely was the bounce from the $118 lows solely in three waves however now the decline on the 4 hour is in 5 waves too.
I think we chop right here after which do a C wave as much as round $178-$180 which ought to be simply sufficient to get everybody all bulled up once more.”
Solana is buying and selling at $168 at time of writing.
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