Economist Henrik Zeberg predicts that a memecoin based on Solana (SOL) may be poised for a significant surge.
Zeberg informs his 155,400 followers on the social media site X that dogwifhat (WIF) could potentially rise over 913% from its current price after emerging from a period of consolidation.
“WIF could reach between $15 and $22 within weeks.”
The analyst utilizes the Elliott Wave Theory to support the idea of explosive price movements for WIF in the near future. This theory is a form of technical analysis that looks at wave patterns based on the cyclic behavior of investors. According to the principles of Elliott Wave, an ABCDE triangle signifies consolidation within an upward trend, indicating a potential strong rally upon completion.
“Are you ready? It is breaking out of prolonged ABCDE-consolidation. The possibilities are incredible.”
At the time of writing, WIF is trading at $2.17, reflecting a 3.5% increase over the last 24 hours.
The analyst also points out that the TOTAL3 chart on the weekly timeframe seems to be breaking out against Bitcoin (TOTAL3/BTC).
The TOTAL3 chart monitors the market cap of all cryptocurrencies excluding Bitcoin, Ethereum (ETH), and stablecoins.
“Altseason is upon us! Altcoins are starting to outperform BTC. The Alts-BTC ratio has surged after exhibiting bullish divergence and has successfully retested the trend line. Now, we ascend, or rather, altcoins soar. WIF has assumed the lead [September 24th]!”
According to the analyst, TOTAL3/BTC is breaking out following a bullish divergence in the relative strength index (RSI), which is a momentum indicator. Such a divergence typically signals a forthcoming reversal as the asset’s price trends lower or sideways, while the indicator records higher lows.
A breakout in TOTAL3/BTC implies that the broader altcoin market is surpassing Bitcoin.
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Disclaimer: The views expressed at The Daily Hodl are not intended as investment advice. Investors should ensure they conduct their own research before making 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 incurred are your responsibility. The Daily Hodl neither recommends the buying or selling of any cryptocurrencies or digital assets nor acts as an investment advisor. Please be aware that The Daily Hodl engages in affiliate marketing.
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