Solana (SOL)-Based Memecoin Dogwifhat (WIF) May Be on the Verge of an Explosive Breakout: Top Analyst

The head macro strategist at Swissblock is predicting major moves for one Dogecoin (DOGE) rival ahead of a potential blow-off top for risk assets.

A top strategist at Swissblock is predicting major price moves for a Dogecoin (DOGE) rival ahead of a potential blow-off top for risk assets.

Henrik Zeberg, the head macro strategist at Swissblock, has over 155,000 followers on the social media platform X. He recently told his followers to watch for a potential breakout by Solana (SOL)-based memecoin dogwifhat (WIF) above the $3.10 level.

“WIF: wait for the pop!”

According to Zeberg’s chart, WIF is forming a series of higher lows and higher highs on the four-hour timeframe.

The technical analyst used Elliott Wave Theory in June to predict an explosive run-up by WIF on its way to the $55 level.

The theory suggests that an asset will typically experience a five-wave rally, with wave three being the longest and strongest move up.

WIF is trading at $2.93 at the time of writing, up almost 10% in the last 24 hours.

Meanwhile, Zeberg is also warning of a potential blow-off top forming in financial markets.

A blow-off top is a term used in technical analysis to describe a sudden, sharp increase in price action, which is then followed by a rapid decline.

“Blow-off top is developing! October will be amazing. Same for November. But underneath the economy is deteriorating. Average weeks of unemployment is moving higher. This is a structural weakness of the economy. Forget about NFP (Non-farm Payrolls) numbers which will be revised. This is the real development in the economy. The consumers are struggling.”

The economist includes a chart that predicts the Dow Jones Global Index, a collection of indexes that measure the performance of global stock markets, will begin to plummet on November 11th.

He says the market crash will lead to one of the worst recessions ever seen.

“What I said – and how it is going. This blow-off top was called from October 2022. Now we are almost in the final phase – while everybody is getting bulled-up! Largest recession since 1929 coming. Not only deflation. But also stagflation as Fed intervenes.”

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