SOL - Crypto Analyst Bullish On This Solana-Based Meme Coin Amid Market Downturn: 'This Will Prove To Be A Great Entry In Time' | Benzinga
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: