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Economist predicts 1,000% surge for Solana-based memecoin
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Renowned economist Henrik Zeberg, known for his market analysis, stated that the cryptocurrency Dogwifhat (WIF), a memecoin based on Solana (SOL), may be about to enter a parabolic movement.
According to Zeberg, the asset could appreciate by up to 913% in the coming weeks, driven by a breakout after a long period of consolidation.
Zeberg indicated that WIF, which is currently trading at US$2.17, could reach between US$15 and US$22 in a short period of time. To support his prediction, the economist used Elliott Wave Theory. It is a technical analysis tool that studies wave patterns based on the repetitive behavior of market participants.
According to this theory, the formation of an ABCDE triangle during a period of consolidation signals that the market may be about to experience a significant rally.
Memecoin WIF
“Are you ready? It is breaking the long-term ABCDE consolidation. The potential is incredible,” said Zeberg in one of his posts.
This upward movement in the WIF memecoin follows a larger trend observed in the altcoin market. Zeberg also highlighted that the TOTAL3 chart, which tracks the market capitalization of all cryptoassets, excluding Bitcoin, Ethereum and stablecoins, shows signs of a breakout in relation to Bitcoin.
This suggests that altcoins are starting to outperform BTC, marking the beginning of a possible “altseason”, a period in which altcoins tend to outperform Bitcoin.
According to Zeberg’s analysis, the TOTAL3/BTC ratio shows a bullish divergence in the Relative Strength Index (RSI), a momentum indicator.
This often suggests an imminent reversal, with an asset’s price moving sideways or downwards while the RSI indicator shows higher lows, indicating an uptrend. This break in the TOTAL3/BTC chart reinforces the view that the altcoin market is in a favorable moment, outperforming Bitcoin.
Economist predicts 1,000% surge for Solana-based memecoin
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Economist predicts 1,000% surge for Solana-based memecoin
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Economist predicts 1,000% surge for Solana-based memecoin
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Economist predicts 1,000% surge for Solana-based memecoin
