A well-known cryptocurrency analyst and trader is cautioning investors about the potential collapse of a memecoin called dogwifhat (WIF), which is based on the Solana blockchain. The analyst, who goes by the pseudonym Bluntz, has a significant following of 260,700 followers on X, a popular social media platform. Bluntz predicts that WIF could experience a significant drop of approximately 70% from its current value. According to Bluntz, WIF is currently undergoing a correction known as a C-wave, which could push the altcoin’s price as low as $1. Bluntz utilizes the Elliott Wave theory, a technical analysis methodology that aims to forecast future price movements by observing patterns of crowd psychology that typically occur in waves. The theory suggests that after a surge of five waves, an asset often experiences an ABC corrective move. Bluntz provides a chart indicating that WIF has already completed a five-wave rally and may be entering its final downward leg. Despite trading at $3.44 at the time of writing, which represents a substantial increase of approximately 3,854% from its January low of $0.087, WIF’s future appears uncertain according to Bluntz. Turning his attention to Solana, the analyst believes that the fourth-largest cryptocurrency by market capitalization is bearish. Bluntz argues that Solana’s recent significant price increase occurred in a three-wave pattern instead of the expected five-wave surge, which indicates that SOL is already in a downtrend. Bluntz shares a chart suggesting that SOL may experience one more upward movement, reaching close to $180, before dropping below $140. Despite currently trading at $168, Solana’s outlook is not optimistic, according to Bluntz. As always, readers should conduct their own research and exercise caution when engaging in high-risk investments in Bitcoin, cryptocurrencies, or digital assets.