An analyst known for making accurate altcoin predictions is confident that a memecoin based on Solana (SOL) is primed for a significant price increase.
Going by the pseudonym Bluntz, the analyst informs his large following on X that dogwifhat (WIF) appears to be on the brink of a breakout from a falling wedge pattern.
Typically, this pattern indicates a bullish reversal, signaling a potential decrease in selling pressure.
Bluntz states,
“When WIF gains momentum, it surges aggressively.
Even though it has already seen an 80% increase in the past week, I would still consider buying more if I hadn’t already invested.
Time is running out before the opportunity passes.”
According to Bluntz’s analysis, WIF could potentially reach $8 following a breakout from the wedge pattern. Currently, WIF is priced at $1.63.
The analyst also expresses optimism about Jito (JTO), the native token of a decentralized liquid staking protocol on Solana. He believes that JTO has reached its bottom after completing an ABC correction.
Bluntz follows Elliott Wave theory, which suggests that assets often experience uptrends after finishing a corrective wave.
He adds,
“I see potential for SOL exposure again. I’m bullish on JTO, anticipating a significant rise following an ABC decline and subsequent impulsive wave pattern.”
Based on his analysis, Bluntz predicts a potential surge for JTO to $5. Currently, JTO is valued at $2.45.
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