Due to economic events in Japan, the global economy and cryptocurrencies experienced a significant crash last Monday, with almost the entire market, including Bitcoin, seeing historic declines after sharp sell-offs. However, prices later showed some recovery, and some analysts continue to make strong upward predictions.
Analyst’s WIF Comment
A prominent analyst and investor in the crypto world emphasized that a major rally could occur in WIF, the fourth largest meme coin by volume. The famous analyst Bluntz stated on social media platform X that dogwifhat (WIF) could rise more than 495% from its current price level and added:
Next up is $10, this is inevitable.
The analyst bases the potential upward movement on the Elliott Wave theory, which could indicate a five-wave price rally after completing an ABC corrective move. With WIF dropping to $1.11 during the week, Bluntz emphasized that the meme coin’s ABC correction is likely over and that a significant upward price movement could begin.
I think the safe trade is to wait for a daily close above $1.60, which will confirm a low level.
As of the time of writing, WIF is trading at $1.79, following a 6% increase in the last 24 hours.
Solana Coin Comments
The analyst also highlighted that Solana (SOL), known as the Ethereum killer, which had previously dropped to single-digit prices and then returned above $200, might have witnessed a swing failure pattern (SFP) after rebounding from $110.
The three-day SFP is on its way to becoming a weekly SFP. I love to see this.
It should be noted that SFPs generally serve as potential reversal points for analysts and investors. On the other hand, the analyst mentioned that SOL might have completed its ABC corrective wave and that the market correction is likely over.
I think at this point, our ABC is probably completed, and SOL has bottomed out, and now $95 is off the table.
Solana price dropped to $153 after a 3.27% decrease in the last 24 hours. This decline also brought the market cap down to $71 billion.
