A trader renowned for accurate altcoin predictions is eyeing significant potential for a Solana-based memecoin.
Known by the pseudonym Bluntz, the analyst shared that dogwifhat (WIF) appears poised for a major breakout from a falling wedge pattern, which typically signals a bullish reversal due to decreasing selling pressure.
when $wif gets going, it goes hard.
despite being up 80% in a week,if i wasnt already positioned i would absolutely still be buying this.
limited amount of time left before the train leaves the station imo pic.twitter.com/xAwfQoMBuO
— Bluntz (@Bluntz_Capital) August 8, 2024
Bluntz remarked that, despite WIF already rising 80% in the past week, the asset’s current price of $1.63 presents a buying opportunity before it potentially surges to $8.
In addition to WIF, Bluntz is optimistic about Jito (JTO), the native token of a Solana-based decentralized staking protocol.
The analyst suggests JTO has likely reached its lowest point following an ABC correction and is set for a strong rally.
time to get some sol beta exposure again imo.
i like $JTO here, can see a big fuck off abc decline followed by an impulsive 5 wave rise from the lows and pullback into a higher low.
A+ setup imo, im long. pic.twitter.com/OPCcBMuOWw
— Bluntz (@Bluntz_Capital) August 8, 2024
He projects that JTO, currently priced at $2.45, could rise to $5, noting that the setup is favorable for investors looking to capitalize on this potential upswing.
At the beginning of the week, Solana’s (SOL) price slightly declined but stayed close to $144 following a 9% rise over the previous week.
On Monday, investor interest surged for a blockchain-based game and DeFi protocol as its token price skyrocketed nearly 37%.
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