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A widely followed cryptocurrency analyst and trader is turning bullish on a memecoin built in the Solana (SOL) ecosystem.
The analyst pseudonymously known as Bluntz tells his 286,900 followers on the social media platform X that Popcat (POPCAT) is “about to go parabolic.”
Bluntz says that Popcat has stayed “insanely strong” amid a correction in the crypto market over the past few days.
“Strength during marketwide pullbacks usually turns into undeniable outperformance during market-wide strength.”
Based on a four-hour chart by the pseudonymous analyst who regularly applies the Elliott Wave theory in his technical analysis, it appears that Bluntz is suggesting that Popcat could surge to above $2.30 in a five-wave pattern. The Elliott Wave theory states that the main trend of the price of an asset moves in a five-wave pattern while a correction occurs in a three-wave pattern.
The pseudonymous analyst also says that Popcat, which had earlier reached an all-time high of around $1.67, has broken out of an ascending channel on the daily time frame.
“First time I’ve seen a channel breakout into an all-time high, usually they happen at bottoms.”
Popcat is trading at $1.58 at time of writing, up by around 40,415% from the all-time low of $0.00379 reached in early January.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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