A closely followed economist believes one popular Solana (SOL)-based memecoin may soon have an explosive breakout.

Henrik Zeberg tells his 166,100 followers on the social media platform X that dogwifhat (WIF) may increase in the near-term by more than 337% from its current value.

The analyst uses the Elliott Wave Theory to forecast a massive run for WIF. The theory states that an asset tends to witness a five-wave rally with wave three being the longest and the strongest move up.

“Now get ready for the even bigger move. WIF seems to have concluded wave two and is now setting up for monster move. Next level in few weeks time around $12-$13!”

In September, the analyst said WIF may soar to as high as $79.26 this cycle after breaking out of a key level. According to Elliott Wave principles, an ABCDE triangle indicates consolidation in an uptrend market could spark a strong rally once it is completed.

“WIF: are you onboard? It is breaking out of long ABCDE-consolidation. The potential is amazing.”

WIF is trading for $2.97 at time of writing, down 11.1% in the last 24 hours. The memecoin has a market cap of $2.9 billion, making it the 52nd largest crypto project.

Next up, the analyst says that the current crypto bull market may fizzle out earlier than many are projecting.

“I told you to relax and take it easy! Now enjoy! Steer clear of the ‘analysts’ who believe in multi-year run. It is a bubble, and it will run for limited amount of time, and then crash!”

He is also predicting a more than 171% growth in the entire crypto market cap.

“New all-time high for crypto market capitalization! Ready for a $9 trillion crypto market?”