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Home»Analysis»Crypto Strategist Says Bottom Is In for Solana (SOL)-Based Memecoin, Reveals Best AI Altcoin Pick
Analysis

Crypto Strategist Says Bottom Is In for Solana (SOL)-Based Memecoin, Reveals Best AI Altcoin Pick

2024-06-30No Comments2 Mins Read
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A trader known for his well-timed altcoin calls believes that a Solana (SOL)-based meme token has started a new uptrend.

Pseudonymous analyst Bluntz tells his 263,800 followers on social media platform X that memecoin dogwifhat (WIF) has likely hit a low.

According to the analyst, WIF is already showing signs of a bullish reversal on the lower time frame, following a deep corrective move from its all-time high at $4.83.

“I’m starting to feel confident that the WIF bottom is now in place.

Not only did we get a nice 70% correction from peak to trough to $1.46, but the structure played out in an elongated three waves, just the way I wanted.

We also now have an impulsive five-wave surge from the low, the first in months.

It is probably an important bottom, while 1.46 holds true in my opinion, I am now fully allocated to WIF again.”

Image
Source: Bluntz/X

Bluntz applies Elliott Wave theory, which states that a bullish asset tends to witness a five-wave rally followed by a three-wave ABC correction. Looking at the trader’s chart, he seems to suggest that WIF has managed to complete a five-wave rally on the hourly chart, which is a sign of a trend shift.

The chart also suggests that WIF has completed an ABC correction and looks poised for a rally above $3.

At the time of writing, WIF is worth $2.01.

Bluntz is also bullish on artificial intelligence (AI)-focused altcoin Fetch.ai (FET). According to the top trader, the FET is issuing multiple signals indicating that the correction is over.

“FET is my AI story choice.

-68% dip peak to trough, retesting previous all-time highs and the pullback structure is a clear three-wave move down.

I think this is a bottom and it will be a turbo pump.”

Image
Source: Bluntz/X

At the time of writing, FET is trading at $1.35.

See also  Crypto analyst predicts further rallies for avalanche, updates forecast for Litecoin and one additional Altcoin

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Altcoin Bottom Crypto MEMECOIN Pick reveals Solana SOLBased Strategist
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