The Dogwifhat price could face a massive correction, a top expert has recently warned all Solana meme coin investors.
Crypto trader Bluntz - who often tops the ByBit leaderboard and has over 250k subscribers on X - has now adopted a bearish stance on $WIF in the short term.
He highlights the possibility of Dogwifhat price plummeting to $1 in the coming days - a 70% correction from its current value of $2.90.
Why The Dogwifhat Price Could Correct To $1?
Much like the rest of the crypto market, $WIF faced strong selling pressure during April. Rising macroeconomic risks combined with geopolitical tensions halted the bull market rally that saw the meme coin reach an all-time high of $4.83.
Wif created a local bottom at $1.83, bouncing back up by 58% since then.
However, Bluntz is not impressed by the token’s price action during the recovery. He describes the Dogwifhat price chart over the past 3 weeks as “slow, overlapping and corrective looking”.
i thought the abc might be done on $WIF, but since that wick into $1.8 the ensuing price action on this bounce over the last 3 weeks has been slow, overlapping, and corrective looking.am now leaning towards this move up being the (B) or (x) wave and a C wave down to $1 still… https://t.co/p5HhwIZz0t pic.twitter.com/bHFmNGY4NT
— Bluntz (@Bluntz_Capital) May 7, 2024
The possibility of Wif printing green candles over the next few days cannot be denied, especially when analyzing its chart with wave count. The top Solana meme coin could test the $4 price point in the coming days.
However, the overall trend remains bearish, much to the chagrin of meme coin investors. Bluntz predicts a bearish wave that could result in the Dogwifhat price trading as low as $1.
This would likely require a significant bearish in the broader market sentiment.
For instance, the Consumer Price Index for April is set to be released on May 15th. Fed Chair Jerome Powell’s dovish stance may have calmed the market’s nervousness regarding the macroeconomic outlook. However, bad CPI inflation data again could trigger another wave of selloffs in the crypto market.
Investors will also watch the simmering tensions in the Middle East.
Finally, the US Securities and Exchange Commission is all set to reject all spot Ethereum ETF applications on May 23rd. This could be the leading factor that kick-starts a major altcoin price crash, resulting in Dogwifhat falling to $1.
Is Dogwifhat Dead? Long-Term Price Analysis
Bluntz may be bearish on Wif in the short term. However, much like the rest of the experts and crypto influencers, he is extremely bullish on the meme coin in the long term.
As can be noted in the Dogwifhat price prediction chart above, he expects the token to potentially reach $7.50 in the coming months.
This long-term bullishness is not surprising. Dogwifhat has emerged as the standout Solana meme coin during this bull run. Wif also has a strong correlation with Solana itself, often acting as a 4x leveraged asset.
Considering that the Solana price could peak at $1000 this bull run, it would not be surprising if Dogwifhat trades as high as $10.
Experts Back Sealana As The Next 100x Meme Coin?
While Dogwifhat may experience a pullback, the demand for new Solana meme coins is not expected to cool off anytime soon.
A new Solana meme token - Sealana ($SEAL) - is now creating quite a buzz during its presale phase. The new token has already raised over $525k in its ICO in the first few days, signalling strong demand and future price prospects.
It’s not without any reason that experts such as Jacob Bury and Crypto Boy believe that Sealana could potentially offer 100x returns after its launch.
Sealana does tick many of the boxes that make a new meme coin project successful.
Many crypto whales only invest in meme coins if they can make them laugh. The Stratos hedge fund invested in Dogwifhat only because its mascot featured an innocent-looking dog with a cute hat.
However, Sealana’s hilarious depiction of its mascot is not far behind. The portrayal of an overweight, redneck seal living in his mom’s basement has tickled meme coin enthusiasts and captured their fancy.
Furthermore, the project has made it significantly less complicated to invest in Sealana. Investors simply need to send SOL tokens to the project wallet and receive $SEAL tokens as an airdrop.
The wallet address is DJ15ZYXqUNMYJ3hL7z4ciSaSFAw5cbos3YjGpdvwmF6c.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
