Analyst Says Solana-Based Memecoin Setting Stage for ‘Full-Blown Parabola,’ Predicts New All-Time High for One Asset
An analyst known for making timely altcoin calls believes that one memecoin running on Solana (SOL) is gearing up for a huge upside burst. Pseudonymous analyst Bluntz tells his 319,800 followers on the social media platform X that he sees the memecoin SPX6900 (SPX) igniting steep surges based on the principles of the Elliott Wave theory, an advanced technical Analysis approach that tries to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, a bullish asset tends to witness a five-wave rally, with wave three representing the longest and steepest upside move. Says Bluntz, “SPX looks insane in my opinion, it looks like the entire price action from the March lows is all 1-2s and hasn’t even had a wave three yet, setting the stage for a full-blown parabola later.” Source: Bluntz/X Based on the trader’s chart, he seems to predict that SPX will rally to $2.20. At time of writing,...
