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An analyst known for making timely altcoin calls believes that one memecoin running on Solana (SOL) is gearing up for a huge 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 on the principles of the Elliott Wave theory, an advanced technical analysis approach that tries to predict future price action by following crowd psychology that tends to manifest in waves.
According to the theory, a bullish asset tends to witness a five-wave rally, with wave three representing the longest and steepest upside move.
Says Bluntz,
“SPX looks insane in my opinion, it looks like the entire price action from the March lows is all 1-2s and hasn’t even had a wave three yet, setting the stage for a full-blown parabola later.”
Source: Bluntz/X
Based on the trader’s chart, he seems to predict that SPX will rally to $2.20. At time of writing, SPX is worth $1.10.
The analyst is also bullish on dogwifhat (WIF), another Solana-based memecoin. The trader predicts that WIF will hit $1.25 in the near term.
“What a move on WIF already, well and truly reclaimed the range, and looking impulsive in my opinion, I think this pullback was a wave four low.”
Source: Bluntz/X
At time of writing, WIF is worth $0.97.
Looking at the broader altcoin market, Bluntz believes that one group of coins has the potential to outperform all other tokens.
“When the real altcoin bid returns, memes are always the strongest.
It really doesn’t matter how badly you want fundamentals to matter, it won’t, because at the end of the day, it’s all vaporware anyway, and we all know it.”
But beyond the crypto market, the trader says he has his eye on silver, an asset that he thinks can shatter its all-time high of around $50.
“Silver/gold ratio looks like it’s starting to roll over with silver in USD gearing up finally for a major breakout.
Relative to gold price action, $75 silver not outside the realm of possibility in my opinion.”
Source: Bluntz/X
At time of writing, silver is worth $34.50.
