A popular analyst who has gained a strong following for his accurate altcoin predictions has identified signs of a bullish reversal in a memecoin running on Solana (SOL).
The analyst, known as Bluntz, shared his insights with his 255,700 followers on the social media platform X, suggesting that dogwifhat (WIF) may have reached a local bottom when it dropped to around $1.89 over the weekend.
Bluntz, who follows the Elliott Wave theory, explained that a bullish asset typically experiences an ABC corrective move before a new five-wave rally. In the case of WIF, he believes that the latest price action indicates an upward movement is on the horizon.
After observing a five-wave rise from the lows and an ABC pattern, Bluntz concluded that WIF is looking promising and expressed his optimism.
As of now, WIF is valued at $2.64.
Bluntz also expressed a bullish sentiment towards Near (NEAR), a competitor of Ethereum (ETH). He highlighted the opportunities for long-term holders, as NEAR recently underwent a correction of over 50% in just one month.
Bluntz pointed out that NEAR showed clear signs of an ABC correction from its highs, with five subwaves visible in the C wave. Additionally, the 4-hour relative strength index (RSI) was extremely oversold, reaching levels not seen since the bottom at $1. Based on these indicators, Bluntz believes that NEAR presents a great entry point for investors.
At present, NEAR is valued at $5.46, reflecting a 26% increase from its April low of $4.31.
As a reminder, The Daily Hodl advises readers to conduct their own research and exercise caution before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets.
Image source: Midjourney
