Top Trader Warns Capitulation Event in Sight for Solana-Based Dogecoin Rival – Here’s His Outlook

A prominent trader has expressed concern about a popular Dogecoin rival that is based on Solana, warning that the memecoin could experience further downside. The trader, known as Bluntz, believes that the meme token dogwifhat (WIF) may undergo additional corrective moves in the coming weeks based on technical metrics. He points out that WIF saw a 109-day uptrend earlier this year, which leads him to anticipate a similar number of bearish days for the memecoin. Bluntz predicts that WIF could drop to around $1, and he plans to invest in the token when traders capitulate. The trader follows the Elliott Wave theory, which helps predict future price movements by analyzing crowd psychology in waves. According to his analysis, WIF has likely completed a five-wave rally and is now in the final stages of an ABC correction. As of now, WIF is valued at $1.85.