A widely followed crypto analyst is expressing bullish sentiment toward a memecoin that has skyrocketed by triple digits in less than three weeks.
The analyst pseudonymously known as Bluntz tells his 237,900 followers on the social media platform X that the meme asset dogwifhat (WIF) bottomed out at below $0.10 and will only revisit prices above that level after the current market cycle is over.
Based on Bluntz’s one-day chart of the asset, it appears that the analyst, who is known for applying the Elliott Wave theory in his technical analysis, is suggesting that WIF is currently on the second wave of a five-wave pattern and could see it eventually reach a price of above $1.
The Elliott Wave theory states that the main trend of the price of an asset moves in a five-wave pattern while a corrective wave occurs in a three-wave pattern.
WIF is trading at $0.321 at time of writing, a staggering 323% gain from its January 8th close of $0.0759.
Based on Bluntz’s eight-hour chart on the layer-1 crypto project, it appears that Solana has potentially completed a three-wave downtrend pattern and is now trying to “test and reclaim” the zone that lies roughly between $90 and $100 before resuming an uptrend that could see it rally beyond $150.
Solana is trading at $87.45 at time of writing, a 5.66% increase during the last 24 hours.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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