Analyst Predicts Major Surge for Solana Memecoin as Market Resilience Shines

A notable cryptocurrency analyst is expressing optimism for a memecoin operating within the Solana ecosystem.

Known as Bluntz, this trader recently shared that he believes Popcat (POPCAT) is on the verge of a significant price increase.

$popcat about to go parabolic imo, has been insanely strong in the midst of the last few days pullback and looking like a series of 1-2’s about to breakout.

strength during market wide pullbacks usually turns into undeniable outperformance during market wide strength. pic.twitter.com/LJy54TT1rD

— Bluntz (@Bluntz_Capital) October 23, 2024

Despite recent market corrections, Bluntz highlighted that Popcat has remained remarkably resilient, suggesting that such strength during downturns often translates to substantial gains when the market rebounds.

His analysis employs the Elliott Wave theory, which indicates that asset prices typically follow a five-wave pattern during uptrends, with corrections occurring in three waves.

Based on his observations from a four-hour chart, he anticipates that Popcat could potentially rise above $2.30.

Additionally, Bluntz pointed out that Popcat has recently broken out of an ascending channel on the daily chart, noting it is uncommon to witness such breakouts leading to all-time highs, as they typically occur at market bottoms.