A widely followed cryptocurrency analyst and trader is turning bullish on a memecoin built in the Solana (SOL) ecosystem.
The analyst pseudonymously known as Bluntz tells his 286,900 followers on the social media platform X that Popcat (POPCAT) is “about to go parabolic.”
Bluntz says that Popcat has stayed “insanely strong” amid a correction in the crypto market over the past few days.
“Strength during marketwide pullbacks usually turns into undeniable outperformance during market-wide strength.”
Based on a four-hour chart by the pseudonymous analyst who regularly applies the Elliott Wave theory in his technical analysis, it appears that Bluntz is suggesting that Popcat could surge to above $2.30 in a five-wave pattern. The Elliott Wave theory states that the main trend of the price of an asset moves in a five-wave pattern while a correction occurs in a three-wave pattern.
The pseudonymous analyst also says that Popcat, which had earlier reached an all-time high of around $1.67, has broken out of an ascending channel on the daily time frame.
“First time I’ve seen a channel breakout into an all-time high, usually they happen at bottoms.”
Popcat is trading at $1.58 at time of writing, up by around 40,415% from the all-time low of $0.00379 reached in early January.
