The cryptocurrency market continues to consolidate. Leading cryptocurrency Bitcoin is struggling around $40,000. Major altcoins generally remain in the red zone. Despite this negative atmosphere, an analyst with a large following remains optimistic about some tokens. The analyst expresses bullish sentiment for its Dogecoin rival, which has exploded more than 300 percent in three weeks. Additionally, the analyst says that leading altcoin Ethereum rival Solana will rise.
According to the analyst, the target for WIF is $1!
cryptokoin.comAs you follow from , pessimism prevails in the market for now. However, there is also belief that the crypto market will continue on its path. A popular analyst nicknamed Bluntz shared his latest market predictions with his followers. The analyst says the meme coin dogwifhat (WIF) has bottomed below $0.10. However, he predicts prices above this level will revisit after the current market cycle ends.
The analyst generally applies Elliott Wave theory in his technical analyses. Based on a daily chart for Meme coin, the analyst predicts that WIF is currently in the second wave of a five-wave formation. Based on this, he suggests that the altcoin price will eventually reach a level above $1.
Elliott Wave recognizes that the main trend of an asset’s price moves in a five-wave pattern. Additionally, the theory states that a corrective wave occurs in a three-wave pattern. WIF was trading at $0.3463 at the time of writing. Thus, it gained a staggering 323% compared to its close of $0.0759 on January 8. The altcoin saw an increase of over 8% on a daily basis, despite the decline in the market.
Bluntz expects $150 move from leading altcoin rival SOL!
The analyst next looks at smart contract platform and leading altcoin rival Solana (SOL). Bluntz says the fifth-largest crypto asset by market cap could rise above $150, a gain of about 72% from its current level.
According to Bluntz’s eight-hour chart, Solana has potentially completed a three-wave downtrend pattern. The analyst now predicts an uptrend that will see it move above $150. However, before moving on, it will try to “test and reclaim” the area roughly between $90 and $100, according to the analyst.
Meanwhile, Solana was trading at $87.08 at the time of writing, having trended sideways over the past 24 hours. However, the altcoin saw losses of over 11% on its weekly chart.
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