A broadly adopted analyst is leaning bullish on a memecoin constructed within the Solana (SOL) ecosystem however with reservations.
The analyst pseudonymously generally known 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 probably be held until the tip of the present cycle.
“The area between $0.20 – $0.50 is a spot the place I’d truly contemplate blind bidding/shopping for spot for a long run maintain IF I believed that WIF will at some point make a comeback.
At these ranges, the danger/reward is justified for spot buys in my view as a result of the upside to prior highs can be, at minimal, a 10x and the draw back is comparatively restricted from this area (until it merely dies).”
The pseudonymous analyst, nonetheless, says that he has reservations about WIF as a result of prevailing adverse 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 look at and anticipate 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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