An analyst who continues to build a following with timely altcoin calls says that one memecoin running on Solana (SOL) is flashing signs of bullish reversal.
Pseudonymous analyst Bluntz tells his 255,700 followers on the social media platform X that dogwifhat (WIF) may have carved a local bottom when it hit a low of around $1.89 during the weekend.
“$1.80 hit and wicked straight into the 0.618 on WIF.
Promising reaction so far, hoping this is the low but will wait for an impulsive five-wave rise on low timeframes i.e. 30 minutes – one hour for confirmation.”
Bluntz practices the Elliott Wave theory, which states that a bullish asset goes through an ABC corrective move before witnessing a new five-wave rally.
Following up on his WIF analysis, Bluntz says the memecoin’s latest price action suggests that a move to the upside is in sight.
“And there we have it, a nice five-wave rise from the lows and an ABC as well.
WIF looking good here in my opinion, hats back on.”
At time of writing, WIF is worth $2.64.
Bluntz is also bullish on Ethereum (ETH) competitor Near (NEAR). According to the trader, NEAR is presenting opportunities for long-term holders following an over 50% correction in just one month.
“NEAR has so much going for it right now.
50% dip peak to trough, clear ABC down from the highs with five subwaves visible in the C wave and 4-hour RSI (relative strength index) extremely oversold at levels not seen since the literal bottom at $1.
This will prove to be a great entry in time in my opinion.”
At time of writing, NEAR is worth $5.46, up over 26% from its April low of $4.31.
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The post Top Analyst Says Solana-Based Memecoin Looking Good Amid Crypto Correction, Flips Bullish on One Ethereum Rival appeared first on The Daily Hodl.