dailyhodl.com
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.
Next up is smart contract platform Solana (SOL). Bluntz says that the fifth-largest crypto asset by market cap could soar above $150, a gain of around 72% from its current level.
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.
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