Flow

Solana

<div class="dailyhodl">
 <p>A widely followed analyst and trader believes one Solana (SOL) ecosystem memecoin is gearing up for a major breakout.</p>
 <p>The analyst pseudonymously known as The Flow Horse tells his 202,800 followers on the social media platform X that dogwifhat (WIF) is on the verge of flipping a key resistance level at $0.42 into support and that could kick off a massive rally.</p>
 <div class="code-block code-block-055f5289fd7e731bb72be7c5a19d18ed code-block-1">  
 </div>
 <p><em>“There are some mega obvious setups across the board. Few are as clear as WIF right here. This base is setting up a much larger leg higher again.”</em></p>
 <figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" class="css-9pa8cd" draggable="true" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GHSHCwoWoAAkxLy?format=png&amp;name=large" alt="Image" width="1551" height="716">
  <figcaption class="wp-caption-text">
   Source: The Flow Horse/X
  </figcaption>
 </figure>
 <p>WIF is trading for $0.62 at time of writing, up more than 30% in the last 24 hours.</p>
 <p>Next up, the trader is turning bullish on Ethereum (ETH) layer-2 project Optimism (OP), preferring it over Arbitrum (ARB). He cites another social media user’s OP versus ARB ratio (OP/ARB) chart, which suggests OP is going to continue outperforming ARB.</p>
 <p><em>“Agree. ARB isn’t a long hold, OP long stays on.”</em></p>
 <figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" class="css-9pa8cd" draggable="true" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GHSzVJKagAAc0Xi?format=png&amp;name=4096x4096" alt="Image" width="2637" height="1165">
  <figcaption class="wp-caption-text">
   Source: Comfortably Long/X
  </figcaption>
 </figure>
 <p>Optimism is trading for $3.73 at time of writing, down nearly 3% in the last 24 hours.</p>
 <p>The trader is also bearish on ARB because of the project’s scheduled token unlocks. Unlocks are often perceived as bearish because they create a new sellable supply.</p>
 <p><em>“Oh yeah, way worse than I knew about. Taking this off. No use tying up capital in anything that isn’t A+ right now with the amount of trades that are available.”</em></p>
 <figure style="width: 100%" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="css-9pa8cd" draggable="true" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GHTRzvyW4AAOFvu?format=jpg&amp;name=large" alt="Image" width="1550" height="755">
  <figcaption class="wp-caption-text">
   Source: The Flow Horse/X
  </figcaption>
 </figure>
 <p>Arbitrum is trading for $1.91 at time of writing, down more than 2% in the last 24 hours.</p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/top-trader-says-solana-based-memecoin-setting-up-for-much-larger-leg-up-here-s-his-outlook-tbt81088.html">https://thebittimes.com/top-trader-says-solana-based-memecoin-setting-up-for-much-larger-leg-up-here-s-his-outlook-tbt81088.html</a></p>

Top Trader Says Solana-Based Memecoin Setting Up for ‘Much Larger’ Leg Up – Here’s His Outlook

TheBitTimes

Other articles published on Feb 28, 2024

MicroStrategy Bought $1.55 Billion in $BTC Over Past Ten Days; $GFOX 98% Sold Out

Bitcoin Foe Peter Schiff Again Finds an Excuse for the Recent Rally in BTC Price: Reveals His Pre...

GDA Capital Provides a $650,000 Investment Facility in Coinweb to Speed Up the Layer 2 Interopera...

Global Blockchain Show Dubai: Gathering the Top Blockchain and Web3 experts

What To Expect from The Bitcoin Halving in April 2024

Morgan Stanley Fund Considers Bitcoin ETFs for Growth Strategy

Join our free newsletter for daily crypto updates!