Analyst: Little-Known Altcoin Following in the Footsteps of Dogwifhat Before Explosive Surge
A widely followed crypto analyst believes that a lesser-known altcoin built on the Solana platform is showing similar price action to another meme asset before it experienced a significant surge. According to the analyst, the altcoin Myro (MYRO) is mirroring the price movement of dogwifhat (WIF), another meme token based on Solana.
The analyst, who regularly applies the Elliott Wave theory in his technical analysis, suggests that MYRO could potentially rally exponentially after breaking out from a descending channel. The Elliott Wave theory states that asset prices move in a five-wave pattern during an uptrend and a three-wave pattern during a correction.
Potential for Exponential Growth
MYRO is currently trading at $0.405, marking a 9.6% gain for the day. In comparison, WIF is trading at $3.29, with its price on March 12th being $1.87. The analyst predicts that MYRO could experience rapid growth and reach new all-time highs once it breaks out above its current resistance level of $0.45.
The analyst emphasizes the potential for exponential gains, stating that investors may regret not buying MYRO before it experiences a significant price increase.
Solana’s Promising Outlook
Shifting focus to the Solana platform itself, the analyst believes that it is poised for double-digit appreciation against both Bitcoin (BTC) and Ethereum (ETH) after completing a three-wave downward pattern against these two leading cryptocurrencies. Additionally, the analyst suggests that Solana could potentially achieve even greater gains against the US dollar as Bitcoin reaches a six-figure price during this market cycle.
The analyst expects Solana to appreciate at least 60% against both Bitcoin and Ethereum, while also noting that BTC is likely to surpass $120,000. This prediction leaves room for speculation on the potential price movement of the SOL/USD pair.
Current Market Prices
At the time of writing, Solana is trading at $172, while Bitcoin and Ethereum are trading at $72,917 and $3,950, respectively.
Hot Take: Analyst Bullish on MYRO and Solana’s Growth Potential
The analyst’s bullish sentiment towards MYRO and Solana indicates their belief in the potential for significant price increases in both assets. By highlighting the similarities between MYRO and WIF’s price action and suggesting a breakout for MYRO, the analyst implies that investors may have an opportunity for substantial gains. Furthermore, the positive outlook on Solana’s performance against Bitcoin, Ethereum, and the US dollar demonstrates confidence in its long-term growth prospects.
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