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 generally 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 by in my view, nonetheless the most effective charts [with a] lower than $1billy (billion) market cap in my view.”
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 factitious intelligence (AI)-focused crypto venture ai16z (AI16Z). In keeping with 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 device to identify potential entry and exit factors based mostly on the Fibonacci ratio.
“Lengthy ai16z once more right here was one leg too early the opposite week, however trying like a robust response from the 0.78 fib right here and nonetheless seems to be like a transparent 5 up and subsequent abc correction. Anticipating contemporary highs above $0.45.”
AI16Z is buying and selling for $0.17 at time of writing, up 7% within the final 24 hours.
Comply with us on X, Facebook and Telegram
Do not Miss a Beat – Subscribe to get electronic mail alerts delivered on to your inbox
Verify Price Action
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Every day Hodl will not be funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your personal danger, and any losses it’s possible you’ll incur are your accountability. The Every day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital property, neither is The Every day Hodl an funding advisor. Please word that The Every day Hodl participates in internet affiliate marketing.
Generated Picture: Midjourney
