After 2021, all eyes turned to Solana. Its strong appearance and being dubbed the “Ethereum killer” kept it at the top for a long time until the FTX events turned everything upside down. Despite this, SOL, which received massive support from the community, rose from $8 to over $200 within just one year after the historic decline. Today, SOL is seen competing with BNB for third place in market cap rankings. The impact created by projects on the network and SOL itself has led analysts to focus on this area. One analyst made significant statements about two projects on the SOL network.
How Much Will WIF Be?
An analyst, known for his past cryptocurrency analyses, made significant statements suggesting that a Solana (SOL)-based memecoin could see an upward price movement. Bluntz, one of the well-known analysts, stated on X that dogwifhat (WIF) is preparing to break out of a falling wedge formation.
Generally, a falling wedge formation can be considered a bullish reversal signal as it indicates weakening selling momentum, which could trigger a significant price movement according to the analyst’s shared chart.
The analyst commented on the matter as follows:
When WIF starts to rise, it rises very sharply. Even though it has increased by 80% in a week, if I hadn’t already taken a position, I would definitely buy it again. There is limited time before the train leaves the station.
Looking at the chart shared by Bluntz, it seems that WIF could rise to $8 after breaking the formation. As of the time of writing, WIF is trading at $1.69, which means a 2.47% increase.
How Much Is Jito?
After WIF, the analyst examined another Solana-based project. He made bullish statements for Jito’s native asset, JTO, a decentralized liquid staking protocol. The analyst believes that JTO has bottomed out after completing the ABC correction reflected in the charts.
Bluntz applied the Elliott Wave theory, which suggests that an asset can rally after completing its ABC corrective wave, to JTO.
Bluntz said the following about JTO:
I think it’s time to get exposed to SOL beta again. I like JTO here, I can see a big drop from ABC and then an impulsive five-wave rise from the lows and a pullback to a higher low. I think it’s an A+ setup. I’m playing long.
Looking at the chart shared by the analyst, it is seen that JTO is potentially expected to rise to $5. As of the time of writing, JTO was seen trading at $2.45.
