An analyst recognized for making well timed altcoin calls believes that one memecoin working on Solana (SOL) is gearing up for an enormous upside burst.
Pseudonymous analyst Bluntz tells his 319,800 followers on the social media platform X that he sees the memecoin SPX6900 (SPX) igniting steep surges based mostly on the rules of the Elliott Wave principle, a sophisticated technical evaluation strategy that tries to foretell future value motion by following crowd psychology that tends to manifest in waves.
In accordance with the idea, a bullish asset tends to witness a five-wave rally, with wave three representing the longest and steepest upside transfer.
Says Bluntz,
“SPX seems to be insane in my view, it seems to be like all the value motion from the March lows is all 1-2s and hasn’t even had a wave three but, setting the stage for a full-blown parabola later.”
Primarily based on the dealer’s chart, he appears to foretell that SPX will rally to $2.20. At time of writing, SPX is value $1.10.
The analyst can also be bullish on dogwifhat (WIF), one other Solana-based memecoin. The dealer predicts that WIF will hit $1.25 within the close to time period.
“What a transfer on WIF already, effectively and really reclaimed the vary, and looking out impulsive in my view, I believe this pullback was a wave 4 low.”
At time of writing, WIF is value $0.97.
Trying on the broader altcoin market, Bluntz believes that one group of cash has the potential to outperform all different tokens.
“When the actual altcoin bid returns, memes are at all times the strongest.
It actually doesn’t matter how badly you need fundamentals to matter, it gained’t, as a result of on the finish of the day, it’s all vaporware anyway, and everyone knows it.”
However past the crypto market, the dealer says he has his eye on silver, an asset that he thinks can shatter its all-time excessive of round $50.
“Silver/gold ratio seems to be prefer it’s beginning to roll over with silver in USD gearing up lastly for a significant breakout.
Relative to gold value motion, $75 silver not outdoors the realm of chance in my view.”
At time of writing, silver is value $34.50.
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