A broadly 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 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 think about blind bidding/shopping for spot for a long term maintain IF I believed that WIF will sooner or later 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 (except it merely dies).”
The pseudonymous analyst, nevertheless, says that he has reservations about WIF because of the prevailing unfavourable 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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