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Bluntz, a well-known and closely followed cryptocurrency analyst and trader, warned his followers on the social media platform X about the impending collapse of the Solana (SOL)-based memecoin dogwifhat (WIF). Bluntz predicts that WIF could lose about 70% of its value from its current levels and potentially drop to $1.
Major Collapse Prediction for Dogwifhat’s WIF
Bluntz’s major collapse prediction is based on the Elliott Wave theory, a technical analysis approach that predicts future price movements based on crowd psychology reflected in wave patterns. According to this theory, after a five-wave movement, an asset typically experiences an ABC corrective movement.
The analyst’s analysis suggests that WIF has completed its five-wave rise and is currently in the midst of a C wave correction, indicating a significant drop ahead. Bluntz emphasized that although the B wave lasted longer than initially expected, the overall plan has not changed.
At the time of writing, WIF is trading at $3.44, an impressive increase of approximately 3,854% from its January low of $0.087. Despite this significant rise, Bluntz remains bearish on WIF’s short-term prospects due to the ongoing correction phase.
Issued a Bearish Trend Warning for Solana
After WIF, Bluntz turned his attention to Solana, the fourth-largest cryptocurrency by market capitalization, predicting a bearish trend for it as well. He noted that Solana’s recent significant surge occurred in a three-wave formation rather than a strong bullish five-wave movement, suggesting that SOL might already be in a downtrend.
Bluntz’s chart analysis indicates that Solana could see another jump towards $180 before falling below $140. The analyst pointed out that the bounce from the $118 lows occurred in only three waves, and the recent drop on the four-hour chart occurred in five waves, reinforcing the bearish trend. He added that SOL could experience a decline at its current levels before making a C wave around $178-180, temporarily boosting bullish sentiment before the next drop.
Currently, Solana is trading at $168, reflecting recent volatility. Bluntz’s analysis highlights the potential risks and corrective phases that both WIF and SOL may face in the short term, meaning investors holding these altcoins should be cautious.
