Crypto Analyst Predicts 43% Gain for SPX6900 Memecoin

A prominent cryptocurrency analyst and trader has predicted that a Solana (SOL)-based memecoin is on the brink of achieving new all-time highs. The analyst, known by the pseudonym Bluntz, shared his insights with his 320,800 followers on the social media platform X. According to Bluntz, the memecoin SPX6900 (SPX) has completed an ABC correction on the eight-hour chart, indicating that the coin has established a durable bottom.

Bluntz employs the Elliott Wave theory, which posits that an asset is poised for significant rallies after completing an ABC correction. He noted, “Perfect SPX pullback here after testing prior all-time high for the first time, the next test blasts through in my opinion, still one of the best charts [with a] less than $1 billion market cap in my opinion.” Based on his analysis, Bluntz suggests that SPX could increase to $2.10. At the time of writing, SPX is trading at $1.47, reflecting a 17.5% increase in the last 24 hours.

In addition to his bullish outlook on SPX, Bluntz is also optimistic about the artificial intelligence (AI)-focused crypto project ai16z (AI16Z). According to Bluntz, AI16Z appears to be entering an uptrend after retesting the Fibonacci retracement level at $0.16. Traders use the Fibonacci retracement tool to identify potential entry and exit points based on the Fibonacci ratio. Bluntz commented, “Long ai16z again here was one leg too early the other week, but looking like a strong reaction from the 0.78 fib here and still looks like a clear five up and subsequent abc correction. Expecting fresh highs above $0.45.” At the time of writing, AI16Z is trading at $0.17, up 7% in the last 24 hours.

Bluntz's analysis suggests that both SPX and AI16Z are poised for significant gains, with SPX potentially reaching $2.10 and AI16Z surpassing $0.45. These predictions are based on technical indicators and market patterns, highlighting the potential for these cryptocurrencies to achieve new all-time highs. However, it is important to note that these are forecasts and not guaranteed outcomes. Investors should conduct their own research and exercise caution when considering high-risk investments in cryptocurrencies or digital assets.