As the cryptocurrency market experiences a correction, a prominent analyst has identified a meme coin running on Solana (CRYPTO: SOL) that is showing promising signs.
What Happened: The pseudonymous analyst Bluntz has pointed out that dogwifhat (CRYPTO: WIF), a meme coin operating on Solana, could be on the verge of a bullish reversal, reported The Daily Hodl on Thursday.
"$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 told his followere
He utilizes the Elliott Wave theory, which suggests that a bullish asset goes through an ABC corrective move before witnessing a new five-wave rally. According to Bluntz, WIF's recent price action indicates an impending move to the upside.
"This will prove to be a great entry in time in my opinion," he said.
Bluntz, who is also optimistic about the future of Ethereum (CRYPTO: ETH) competitor Near (CRYPTO: NEAR), sees a long-term opportunity for NEAR following a correction of over 50% in just one month.
At the time of writing this article, WIF was trading 7.85% at $2.38 while NEAR was trading at $5.56, marking a rise of 1.19%.
Why It Matters: The analyst's bullish stance on WIF and NEAR comes at a time when the cryptocurrency market is experiencing a correction. Solana, the blockchain on which WIF operates, has also been affected by this correction.
The recent dip in the price of Solana, which has been attributed to a drop in the price of Bitcoin, has sparked concerns among investors. The sentiment surrounding Bitcoin's downturn has the potential to impact other cryptocurrencies, including those operating on the Solana blockchain.
However, Macro Guru Raoul Pal revealed a significant reallocation of his digital asset portfolio, favoring Solana over other cryptocurrencies, including Ethereum. This shift in the investment landscape has raised eyebrows and caused a stir in the cryptocurrency community.
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