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A widely followed cryptocurrency analyst and trader warns that Solana (Sol) The coin it’s based on, memecoin, looks set for an epic collapse.
The analyst, known by his pseudonym Plantz Tells His 260,700 followers on the social media platformWIF) It may lose about 70% of its value from current levels.
Crypto strategist says WIF is in the midst of a wave C correction that could send the altcoin as low as $1.
Plantz practices Elliott Wave Theory, a technical analysis approach that attempts to predict future price movement by following the psychology of crowds that tend to appear in waves. According to this theory, the asset tends to witness an ABC corrective movement after a five-wave rise.
The analyst shares a chart indicating that WIF has already completed a five-wave rally and may be set to be in a final bearish phase.
“A little WIF update….the plan hasn’t changed….. [Wave] B took longer than initially thought.
WIF is trading at $3.44 at the time of writing, up about 3,854% from the January low of $0.087.
Turning to Solana, the analyst He says The fourth-largest crypto asset by market capitalization is looking bearish. According to Blontz, Solana’s big bounce last month occurred in a three-wave pattern rather than a five-wave rally, suggesting that SOL is already in a downtrend.
The analyst shares a chart that suggests SOL could see another bounce near $180 before falling below $140.
“It’s not looking good, not only was the bounce from the $118 lows in three waves, but the four-hour decline has now been in five waves as well.
“I think we’ll break off here and then do a C wave up to about $178-$180 which should be enough to get everyone motivated again.”
Solana is trading at $168 at the time of writing.
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