Solana

<div class="dailyhodl">
 <p>A widely followed trader is expressing bearish sentiment on a months-old memecoin built on Solana (SOL).</p>
 <p>The trader pseudonymously known as Bluntz tells his 253,400 followers on the social media platform X that dogwifhat (WIF) may be due for a correction.</p>
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 <p>According to the pseudonymous trader who applies the Elliott Wave theory in his technical <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a>, WIF appears to have completed a five-wave rally and now looks primed to enter an ABC corrective wave.</p>
 <p>The Elliott Wave theory states that a bullish asset tends to witness an ABC correction after completing a five-wave upside move.</p>
 <p>Says Bluntz,</p>
 <p><i>“I think the macro 5 [wave] up from inception on WIF might be done here, all waves accounted for and a long drawn out ABC probably underway before the next parabolic leg.”</i></p>
 <figure id="attachment_190710" aria-describedby="caption-attachment-190710" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="wp-image-190710 size-full" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GKS0SkoaEAAzjrG?format=png&amp;name=small" alt="" width="1063" height="499">
  <figcaption id="caption-attachment-190710" class="wp-caption-text">
   Source: Bluntz/X
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 </figure>
 <p>Based on Bluntz’s charts, it appears that the analyst is forecasting WIF to fall to $1, about 69% below the current price, which also coincides with the 0.786 Fibonacci retracement level. In technical <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a>, Fibonacci retracement levels are used to identify potential support and resistance areas.</p>
 <p>WIF is trading at $3.32 at time of writing, up by around 69,356% from the December 15th opening price of $0.00478.</p>
 <p>Bluntz also offers his forecast on Solana. According to the widely followed trader, a correctional three-wave pattern is underway for Solana that could result in the fifth-largest crypto asset by market cap falling by around 7% from the current level.</p>
 <p><i>“A sweep of $160 seems likely to me before we can think about the next leg up on SOL in my opinion.”</i></p>
 <figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GKWKjfOaMAADkmp?format=jpg&amp;name=medium" alt="Image" width="1056" height="1152">
  <figcaption class="wp-caption-text">
   Source: Bluntz/X
  </figcaption>
 </figure>
 <p>Solana is trading at $172 at time of writing.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/top-trader-issues-warning-on-memecoin-that-s-exploded-over-69-000-in-under-four-months-here-s-his-outlook-tbt84629.html">https://thebittimes.com/top-trader-issues-warning-on-memecoin-that-s-exploded-over-69-000-in-under-four-months-here-s-his-outlook-tbt84629.html</a></p>

Top Trader Issues Warning on Memecoin That’s Exploded Over 69,000% in Under Four Months – Here’s His Outlook

TheBitTimes

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