A cryptocurrency analyst known as Bluntz is predicting a significant surge for Filecoin (FIL), a decentralized storage altcoin project. According to Bluntz, FIL has broken out of a long-term accumulation phase and is on the verge of an “outrageous pump.” The analyst believes that FIL could surpass its multi-year high of $11.390. Filecoin is currently trading at $11.57, representing a 14% increase in the last 24 hours.
Filecoin, which launched in October 2020, has the backing of prominent crypto venture firms, including Winklevoss Capital, co-founded by Bitcoin billionaires Tyler and Cameron Winklevoss. Bluntz also mentions his prediction for the Solana-based memecoin dogwifhat (WIF) to reach $3, comparing it to the price pattern of the native asset of the crowd-computing platform Nosana. Additionally, the analyst suggests that Sei (SEI), a competitor to Solana, could experience a surge to the $1.40 level.
Bluntz uses the Elliott Wave theory, a technical analysis approach based on crowd psychology, to make these predictions. The theory suggests that a bullish asset goes through five waves of surge before entering a three-wave corrective period. SEI is currently trading at $0.904, reflecting a slight decline of over 1% in the last 24 hours.