A prominent trader has sounded the alarm about a well-known Dogecoin rival based on Solana (
SOL
), warning that the memecoin could experience further decline.
In a video shared on the social media platform X, the trader known as Bluntz, with a following of 263,200, revealed that technical indicators suggest that the meme token dogwifhat (
WIF
) may face additional corrective movements in the next three to four weeks.
The analyst pointed out that WIF had a 109-day upward trend earlier this year, leading him to expect a similar number of bearish days for the memecoin.
“We are [85] days into the pullback… In terms of time, a 1:1 extension… that takes us out to July.”


Source: Bluntz/X
Regarding the target price for WIF, the trader stated that he would consider buying WIF when traders give up, and the memecoin drops to around $1.
“So what I anticipate to happen is we have to keep grinding down. I think the 0.78 [Fibonacci retracement level] is going to get tapped… Ultimately, I think that would be an absolutely killer long-term entry on WIF.”
Bluntz employs the Elliott Wave theory, a technical analysis method that aims to predict future price movements by observing crowd psychology that tends to manifest in waves. According to the theory, a bullish asset often experiences a five-wave uptrend followed by a three-wave ABC corrective phase.
Based on the trader’s chart, it appears that WIF has already completed a five-wave rally and is now in the final stages of an ABC correction.
At the time of writing, WIF is valued at $1.85.
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