A widely followed crypto analyst is expressing bullish sentiment on a little-known altcoin built on the smart contract platform Solana (SOL).
Pseudonymous crypto strategist Bluntz tells his 247,700 followers on the social media platform X that memecoin Myro (MYRO) appears to be following in the footsteps of dogwifhat (WIF), another SOL-based meme asset.
According to Bluntz, who regularly applies the Elliott Wave theory in his technical analysis, MYRO is mirroring the price action displayed by WIF days ago before it saw a surge of about 80%.
The Elliott Wave theory states that the main trend of the price of an asset moves in a five-wave pattern while a correction takes place in a three-wave pattern.
MYRO is trading at $0.405 at time of writing, a 9.6% gain on the day, while WIF is trading for $3.29. On March 12th, WIF was moving for $1.87.
According to the analyst, MYRO could rally exponentially after breaking out from a descending channel.
“Not much time left before the MYRO god candle. Everyone’s going to be wishing they had bought some when the $0.45 all-time high breakout happens and it starts doing rapid multiples.”
Moving on to Solana, Bluntz says that it is destined to appreciate by double-digits against both Bitcoin (BTC) and Ethereum (ETH) after completing a three-wave downward-sloping pattern against each of the top two digital assets by market cap.
According to the analyst, Solana could record even higher gains against the US dollar while BTC hits a six-figure price tag sometime this cycle.
“Expecting at least 60% higher against both cross pairs, all while I think BTC is going greater than $120,000 this cycle. I’ll let you draw your own conclusions as to where SOL/USD might be heading.”
Solana is trading at $172 at time of writing while Bitcoin and Ethereum are trading for $72,917 and $3,950, respectively.
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The post Top Analyst Says Under-the-Radar Altcoin Mirroring Price Action of Dogwifhat Just Before the Memecoin Exploded appeared first on The Daily Hodl.