A extensively adopted cryptocurrency analyst and dealer predicts that one Solana (SOL)-based memecoin is on the verge of printing new all-time highs.
The analyst, pseudonymously often known as Bluntz, tells his 320,800 followers on the social media platform X that memecoin SPX6900 (SPX) seems to have accomplished an ABC correction on the eight-hour chart, suggesting that the coin has printed a sturdy backside.
Bluntz practices the Elliott Wave principle, which states that an asset is primed to ignite rallies after finishing an ABC correction.
“Good SPX pullback right here after testing prior all-time excessive for the primary time, the subsequent check blasts via in my view, nonetheless among the finest charts [with a] lower than $1billy (billion) market cap in my view.”
Taking a look at his chart, the dealer suggests SPX improve to $2.10.
SPX is buying and selling for $1.47 at time of writing, up 17.5% within the final 24 hours.
The analyst can be bullish on the substitute intelligence (AI)-focused crypto mission ai16z (AI16Z). Based on Bluntz, the altcoin appears to be coming into an uptrend after a retest of the Fibonacci retracement degree at $0.16.
Merchants use the Fibonacci retracement instrument to identify potential entry and exit factors primarily based on the Fibonacci ratio.
“Lengthy ai16z once more right here was one leg too early the opposite week, however wanting like a robust response from the 0.78 fib right here and nonetheless seems like a transparent 5 up and subsequent abc correction. Anticipating recent highs above $0.45.”
AI16Z is buying and selling for $0.17 at time of writing, up 7% within the final 24 hours.
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