Solana’s Memecoin (SOL) Faces Potential Plunge After 42x Surge, Top Crypto Analyst Warns

• A prominent crypto analyst, known as Bluntz, predicts a significant drop in the value of the memecoin, dogwifhat (WIF).
• Bluntz’s analysis, based on the Elliott Wave theory, suggests that WIF could decrease by around 66% from its current level.
• Another analyst, Credible Crypto, also foresees a fall in WIF’s value, predicting a drop of approximately 47%.

Top crypto analysts predict a significant drop in the value of the memecoin, dogwifhat (WIF), with potential declines of up to 66%. The predictions are based on the Elliott Wave theory.

Bluntz’s Prediction for WIF

Bluntz, a well-followed crypto analyst, recently shared his bearish sentiment on WIF with his 258,100 followers. According to his analysis, WIF, which operates on the Solana (SOL) blockchain, could experience a drop of around 66% from its current level. Bluntz frequently uses the Elliott Wave theory in his technical analysis, suggesting that WIF is likely completing a corrective three-pattern wave. This theory proposes that the main trend of an asset’s price moves in a five-wave pattern, while corrections occur in a three-wave pattern.

WIF’s Current Status and Future Predictions

At the time of writing, WIF is the 43rd largest crypto asset by market capitalization and is trading at $2.94. The Solana-based memecoin reached a low of $0.069 on January 10, representing a gain of 42.61x in four months. Based on Bluntz’s chart, it appears that WIF could bottom out at around the $1 price before resuming an upward trend to new all-time highs.

Credible Crypto’s View on WIF

Another crypto analyst, known as Credible Crypto, also expressed his bearish outlook on WIF. According to his analysis, WIF could drop by around 47% from its current level. He also warned about potential major drops for Dogecoin (DOGE) and other memecoins.

Conclusion

While the predictions of these analysts suggest a bearish future for WIF, it’s crucial for investors to conduct their own research and consider various perspectives before making investment decisions. The volatile nature of memecoins and the broader crypto market necessitates a careful and informed approach to investing.