Solana
Top Analysts Issue Warning on Memecoin Exploding Over 3,800% Year-To-Date and Update Outlook on Solana
A widely followed cryptocurrency analyst and trader warns that a Solana (GROUND), based on memecoin, seems poised for an epic collapse.
The pseudonymous analyst known as Bluntz tell his 260,700 followers on the social media platform X que dogwifhat (Wireless) could lose around 70% of its value from current levels.
The crypto strategist claims that WIF is in the midst of a C-wave correction that could send the altcoin falling to $1.
Bluntz puts into practice Elliott Wave Theory, an approach to technical analysis that attempts to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, an asset tends to witness an ABC corrective move after a five-wave surge.
The analyst shares a chart suggesting that WIF has already completed a five-wave rally and could be about to experience one final decline.
“Little WIF update…. the plan has not changed….. [Wave] B simply took longer than initially expected.
Source: Bluntz/X
WIF is trading at $3.44 at the time of writing, up approximately 3,854% from the January low of $0.087.
Let’s move on to Solana, the analyst said that the fourth largest crypto asset in terms of market capitalization looks bearish. According to Bluntz, Solana’s big bounce last month occurred in a three-wave pattern instead of a five-wave surge, indicating that SOL is already in a downtrend.
The analyst shares a chart suggesting that SOL could see another bounce near $180 before falling below $140.
“This doesn’t look good, not only did the rebound from the $118 low only occur in three waves, but now the four-hour decline also occurred in five waves.
I suspect we cut here and then do a C wave up to around $178-180, which should be just enough to get everyone excited again.
Solana is trading at $168 at the time of writing.
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