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

A widely followed analyst and trader believes one Solana (SOL) ecosystem memecoin is gearing up for a major breakout.

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.

“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.”

Source: The Flow Horse/X

WIF is trading for $0.62 at time of writing, up more than 30% in the last 24 hours.

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.

“Agree. ARB isn’t a long hold, OP long stays on.”

Source: Comfortably Long/X

Optimism is trading for $3.73 at time of writing, down nearly 3% in the last 24 hours.

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.

“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.”

Source: The Flow Horse/X

Arbitrum is trading for $1.91 at time of writing, down more than 2% in the last 24 hours.

Generated Image: DALLE3

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