Altcoin
Crypto Strategist Says Solana (SOL)-Based Memecoin Bottoms Out, Reveals Top AI Altcoin Pick
A trader known for his well-timed altcoin picks believes that a Solana (SOLThe meme token based on ) has started a new bullish trend.
Pseudonymous analyst Bluntz tells his 263,800 followers on social media platform X that memecoin dogwifhat (Wife) probably dug a bottom.
According to the analyst, WIF is already showing signs of a bullish reversal in the lower time frame, after a deep corrective move from its all-time high of $4.83.
“I’m starting to feel confident that WIF has reached its bottom.
Not only did we have a nice 70% correction from peak to trough to $1.46, but the structure developed into three long waves exactly as I wanted.
We now also have a five-wave impulsive rally from the lows, the first in months.
It is likely that a major low has occurred, while 1.46 holds in my opinion, I am now fully allocated to WIF again.”
Source: Bluntz/X
Bluntz practices Elliott Wave Theory, which states that a bullish asset tends to undergo a five-wave rally followed by a three-wave ABC correction. Looking at the trader’s chart, it seems to suggest that WIF has managed to complete a five-wave rally on the hourly chart, signaling a change in trend.
The chart also suggests that WIF has completed an ABC correction and looks poised for a rally above $3.
As of this writing, WIF is worth $2.01.
Bluntz is also bullish on artificial intelligence (AI)-focused altcoin Fetch.ai (FET). According to the top trader, FET is giving off multiple signals that suggest the correction is over.
“FET is my narrative choice in AI.
-68% drop from peak to trough, retest of previous all-time high and pullback structure, a clear downside move of the third wave of the day.
I think this is a bottom and this will pump the turbo.”
Source: Bluntz/X
At the time of writing, FET is trading at $1.35.
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Disclaimer: The views expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that transfers and trading are at your own risk and any loss you may incur is your own responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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