A extensively adopted crypto analyst is expressing bullish sentiment on a little-known altcoin constructed on the good contract platform Solana (SOL).
Pseudonymous crypto strategist Bluntz tells his 247,700 followers on the social media platform X that memecoin Myro (MYRO) seems to be following within the footsteps of dogwifhat (WIF), one other SOL-based meme asset.
In keeping with Bluntz, who repeatedly applies the Elliott Wave concept in his technical evaluation, MYRO is mirroring the worth motion displayed by WIF days in the past earlier than it noticed a surge of about 80%.
The Elliott Wave concept states that the principle development of the worth of an asset strikes in a five-wave sample whereas a correction takes place in a three-wave sample.
MYRO is buying and selling at $0.405 at time of writing, a 9.6% acquire on the day, whereas WIF is buying and selling for $3.29. On March twelfth, WIF was shifting for $1.87.
In keeping with the analyst, MYRO might rally exponentially after breaking out from a descending channel.
“Not a lot time left earlier than the MYRO god candle. Everybody’s going to be wishing they’d purchased some when the $0.45 all-time excessive breakout occurs and it begins doing speedy multiples.”
Shifting on to Solana, Bluntz says that it’s destined to understand by double-digits in opposition to each Bitcoin (BTC) and Ethereum (ETH) after finishing a three-wave downward-sloping sample in opposition to every of the highest two digital belongings by market cap.
In keeping with the analyst, Solana might file even larger features in opposition to the US greenback whereas BTC hits a six-figure price ticket someday this cycle.
“Anticipating a minimum of 60% larger in opposition to each cross pairs, all whereas I feel BTC goes larger than $120,000 this cycle. I’ll allow you to draw your individual conclusions as to the place SOL/USD is likely to be heading.”
Solana is buying and selling at $172 at time of writing whereas Bitcoin and Ethereum are buying and selling for $72,917 and $3,950, respectively.
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