Cryptocurrency market’s leading analyst suggests that the prominent Solana (SOL) ecosystem meme token is gearing up for a significant breakout. The analyst discussed the popular meme token dogwifhat (WIF) and shared critical resistance levels with followers.
Key Levels for WIF
Known by the pseudonym The Flow Horse, the crypto analyst told followers on social media that the popular meme token dogwifhat (WIF) is on the verge of turning a significant resistance level at $0.42 into support, which could trigger a major rally. The expert commented:
There are usually some very obvious setups. Few things are as clear as WIF. This base is forming a much bigger formation again.
Later, the crypto analyst pointed out that Ethereum’s (ETH) Layer-2 project Optimism (OP) is on the rise, favoring it over Arbitrum (ARB). Another social media user’s chart comparing the OP/ARB ratio was cited, suggesting that OP will continue to outperform ARB. The analyst stated:
I agree. ARB is not in for a long wait, OP is in for the long haul.
Unlocking Key for ARB
At the time of writing, Optimism was trading at $3.73, down about 3% in the last 24 hours. The analyst also indicated a bearish trend for ARB due to planned token unlock events. Unlock events are generally perceived as bearish because they can create new sellable supply. The senior analyst finally said:
Yes, it’s much worse than I thought. I’m taking this out. There’s no benefit to tying up capital in anything less than A+ with the current trading volume.
According to data from 21milyon.com, WIF was trading at $0.62, up more than 30% in the last 24 hours at the time the article was written.
