A widely followed cryptocurrency analyst and trader predicts that one Solana (SOL)-based memecoin is on the verge of printing new all-time highs.
The analyst, pseudonymously known as Bluntz, tells his 320,800 followers on the social media platform X that memecoin SPX6900 (SPX) appears to have completed an ABC correction on the eight-hour chart, suggesting that the coin has printed a durable bottom.
Bluntz practices the Elliott Wave theory, which states that an asset is primed to ignite rallies after completing an ABC correction.
“Perfect SPX pullback here after testing prior all-time high for the first time, the next test blasts through in my opinion, still one of the best charts [with a] less than $1billy (billion) market cap in my opinion.”
Looking at his chart, the trader suggests SPX increase to $2.10.
SPX is trading for $1.47 at time of writing, up 17.5% in the last 24 hours.
The analyst is also bullish on the artificial intelligence (AI)-focused crypto project ai16z (AI16Z). According to Bluntz, the altcoin appears to be entering an uptrend after a retest of the Fibonacci retracement level at $0.16.
Traders use the Fibonacci retracement tool to spot potential entry and exit points based on the Fibonacci ratio.
“Long ai16z again here was one leg too early the other week, but looking like a strong reaction from the 0.78 fib here and still looks like a clear five up and subsequent abc correction. Expecting fresh highs above $0.45.”
AI16Z is trading for $0.17 at time of writing, up 7% in the last 24 hours.
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