Top Analyst Says Dogecoin Parabolic Rally Has Just Started, Places Solana Rival on Altcoin Hotlist

An expert trader known as “Master Trader” on the cryptocurrency exchange Bybit believes that Dogecoin’s (DOGE) correction has come to an end.

Pseudonymous analyst Bluntz, sharing insights with his 299,300 followers on the social media platform X, suggests that the popular memecoin’s parabolic rally is just beginning.

Bluntz shares a chart indicating that DOGE could potentially surpass $1 before completing its five-wave rally.

“The current DOGE wave four seems to be complete. DOGE has been experiencing an upward sideways running flat correction for the past two weeks, leading many to lose interest and move on to other investments. However, in reality, the DOGE parabola has just begun. I believe we won’t see profit-taking until it reaches at least $1.”

Bluntz follows the Elliott Wave theory, which suggests that a bullish asset typically experiences five-wave surges before a correction. Waves one, three, and five are upward movements, while waves two and four are corrective phases.

As of the current writing, DOGE is trading at $0.388.

The trader also expresses optimism towards layer-1 protocol Sei (SEI), a competitor to Solana (SOL). According to Bluntz, SEI has broken a diagonal resistance on both the Bitcoin (SEI/BTC) and US dollar pairs.

“Keep an eye on assets that have shown resilience during BTC dips, as they tend to surge when BTC resumes its upward trend. SEI is one of my top picks.”

At the time of writing, SEI is priced at $0.685.

Regarding Bitcoin, Bluntz believes that those waiting for lower levels might be left behind.

“It appears that the pullback for BTC is likely complete, and I anticipate an upward movement from here. The price may not drop as low as some expect.”