A trader known for his timely altcoin recommendations is confident that a Solana (SOL)-based memecoin is on the brink of a significant surge. The pseudonymous analyst, Bluntz, shared with his 268,500 followers on the social media site X that dogwifhat (WIF) appears poised to break out from a falling wedge pattern. This formation is typically interpreted as a bullish reversal indicator, hinting at a reduction in selling pressure.

Bluntz stated, “When WIF gets going, it goes hard. Although it has surged 80% in just a week, if I weren’t already invested, I would definitely still be buying in. There’s not much time left before this train departs.”

Source: Bluntz/X

According to the trader’s chart analysis, it seems he anticipates WIF could climb as high as $8 following a breakout from the wedge. At the time of writing, WIF is trading at $1.63.

The analyst also holds a positive outlook on the native asset of the decentralized liquid staking protocol on Solana, Jito (JTO). He believes that JTO has reached its lowest point after completing an ABC corrective phase. Bluntz applies Elliott Wave theory in his analysis, which posits that an asset typically experiences upward movements after finishing an ABC correction.

He remarked, “In my view, it’s time to gain some SOL beta exposure again. I’m bullish on JTO here; I foresee a substantial ABC decline followed by a vigorous five-wave ascent from the lows, culminating in a higher low. This setup is top-notch in my opinion, and I’m in for the long haul.”

Source: Bluntz/X

From his chart, it appears that Bluntz predicts JTO could rise to $5. As of now, JTO is priced at $2.45.

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Disclaimer: The views expressed in The Daily Hodl do not constitute investment advice. Investors are encouraged to conduct their own research before engaging in high-risk investments involving Bitcoin, cryptocurrency, or digital assets. Please be aware that your transactions and trades are at your own risk, and any potential losses are your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it serve as an investment advisor. Additionally, The Daily Hodl participates in affiliate marketing.
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