An analyst who trades and analyzes cryptocurrency is warning about a Solana (SOLA memecoin based on ) is heading for a massive collapse.
Bluntz is the pseudonymous analyst. tells His 260,700 fans on social media platform X (that dogwifhat)WIFThe value of the stock could drop by around 70 percent from its current level.
WIF, according to the crypto-strategist, is currently in a C Wave correction which could push the altcoin down as low at $1.
Bluntz uses the Elliott Wave Theory, which is a method of technical analysis that tries to forecast future price movements by following crowd psychology. This tends to be manifested in waves. The theory states that an asset will tend to experience an ABC correction following a five wave surge.
Analyst shares chart that suggests WIF may have already finished a 5-wave rally, and is due for one final downleg.
“Little WIF update…. the plan hasn’t changed….. [Wave] B just took longer than initially thought.”
WIF currently trades at $3.44, an increase of approximately 3,854% compared to the low of $0.087 in January.
Solana as the analyst says That the fourth-largest cryptocurrency asset based on market cap appears to be in a bearish trend. Bluntz says that Solana bounced back last month in three waves instead of five, which indicates SOL’s already downtrend.
Analysts share a chart that suggests SOL could see another bounce near $180, before it falls below $140.
The decline in the 4-hour chart is now in five waves.
It’s likely that I will do the chop, then a C Wave up to about $178 to 180 dollars which should just be enough to get everybody all bulled back up.”
Solana currently trades at $168.
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Source: dailyhodl.com
