A widely followed analyst is leaning bullish on a memecoin built in the Solana (SOL) ecosystem but with reservations.
The analyst pseudonymously known as Credible Crypto tells his 462,900 followers on the social media platform X that the dogwifhat (WIF) memecoin is “quickly approaching attractive levels” for a position that can potentially be held till the end of the current cycle.
“The region between $0.20 – $0.50 is a place where I would actually consider blind bidding/buying spot for a longer term hold IF I believed that WIF will one day make a comeback.
At these levels, the risk/reward is justified for spot buys in my opinion because the upside to prior highs would be, at minimum, a 10x and the downside is relatively limited from this region (unless it simply dies).”
The pseudonymous analyst, however, says that he has reservations about WIF due to the prevailing negative sentiment surrounding Solana amid the controversies involving high-profile memecoins in its ecosystem.
“For now, because of the current environment surrounding SOL and memecoins, I’m personally going to watch and wait for more price action to develop. Ideally, a clean accumulation range/bottom which may take some time.”
WIF is trading at $0.64 at time of writing while Solana is trading at $170.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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