A extensively adopted analyst is leaning bullish on a memecoin constructed within the Solana (SOL) ecosystem however with reservations.
The analyst pseudonymously referred to as Credible Crypto tells his 462,900 followers on the social media platform X that the dogwifhat (WIF) memecoin is “shortly approaching engaging ranges” for a place that may doubtlessly be held until the tip of the present cycle.
“The area between $0.20 – $0.50 is a spot the place I might truly contemplate blind bidding/shopping for spot for a long run maintain IF I believed that WIF will sooner or later make a comeback.
At these ranges, the chance/reward is justified for spot buys for my part as a result of the upside to prior highs could be, at minimal, a 10x and the draw back is comparatively restricted from this area (except it merely dies).”
The pseudonymous analyst, nevertheless, says that he has reservations about WIF because of the prevailing damaging sentiment surrounding Solana amid the controversies involving high-profile memecoins in its ecosystem.
“For now, due to the present atmosphere surrounding SOL and memecoins, I’m personally going to observe and look forward to extra worth motion to develop. Ideally, a clear accumulation vary/backside which can take a while.”
WIF is buying and selling at $0.64 at time of writing whereas Solana is buying and selling at $170.
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