Cryptocurrency Analyst's Warning on Solana-Based Memecoin

A well-known cryptocurrency analyst and trader has raised concerns about a memecoin based on Solana (SOL), suggesting that it is on the brink of a significant downturn.

The analyst, operating under the pseudonym Bluntz, has conveyed to a large audience on the X social media platform that the memecoin, dogwifhat (WIF), could potentially plummet by approximately 70% from its current valuation.

Bluntz, who employs the Elliott Wave theory for technical analysis, has pointed out that WIF is currently undergoing a C-wave correction phase, with the possibility of it dropping to as low as $1. This theory is based on the premise of analyzing crowd psychology, which tends to exhibit wave patterns in asset price movements.

According to Bluntz's assessment, WIF has completed a five-wave rally and might be poised for a final downward movement based on the chart shared, indicating a bearish trend.

WIF is presently trading at $3.44, marking a remarkable increase of approximately 3,854% from its low in January.

Shifting focus to Solana, the analyst has expressed a bearish sentiment towards the fourth-largest cryptocurrency based on market capitalization. Bluntz believes that Solana's recent surge followed a three-wave pattern rather than a more bullish five-wave surge, signaling a potential downtrend.

The chart analysis presented by the analyst suggests that Solana could experience another surge, possibly reaching close to $180 before a decline below $140.

The current trading price of Solana stands at $168, reflecting the prevailing market conditions and trends.

For more details, refer to the original article here.