An analyst known for making accurate altcoin predictions is confident that one Solana (SOL)-based memecoin is poised for a significant price increase.
Going by the pseudonym Bluntz, the analyst informed his 268,500 followers on X that dogwifhat (WIF) appears to be on the verge of breaking out from a falling wedge formation.
This particular pattern is often seen as a signal for a bullish reversal as it indicates a decrease in selling pressure.
Bluntz stated, “When WIF starts moving, it moves aggressively. Despite already seeing an 80% increase in a week, I would still consider buying more if I wasn’t already invested. Time is running out before the opportunity is gone.”
Based on Bluntz’s analysis, WIF is expected to surge to $8 following a breakout from the wedge pattern. Currently, WIF is trading at $1.63.
The analyst also expressed optimism about Jito (JTO), the native asset of the Solana-based liquid staking protocol. Bluntz believes that JTO has reached its bottom after completing an ABC correction.
Bluntz, who follows Elliott Wave theory, suggests that assets typically experience rallies after finishing an ABC corrective wave.
According to Bluntz’s chart analysis, JTO is projected to reach $5 in value. Currently, JTO is priced at $2.45.
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Image Credit: Midjourney