Bullish Reversal Signals Emerge for Solana's Memecoin, Analyst Predicts Upswing

According to pseudonymous analyst Bluntz, the Solana-based memecoin dogwifhat (WIF) is displaying bullish reversal signals, with a potential surge upward. Bluntz believes WIF may have reached a local bottom and anticipates a five-wave rally based on Elliott Wave theory. The analyst also highlights Ethereum competitor Near (NEAR) as a promising investment opportunity, citing a significant correction and oversold conditions.

Bullish Reversal Signs Emerge for Solana-Based Memecoin, Analyst Predicts Upswing

A renowned crypto analyst, Bluntz, has identified a promising reversal pattern in the price action of dogwifhat (WIF), a Solana-based memecoin. With a substantial following of over 255,000 on social media, Bluntz's insights have consistently guided investors toward lucrative altcoin opportunities.

In his recent analysis, Bluntz observed that WIF has potentially established a local bottom at $1.89, a key technical level. This observation stems from the coin's reaction to the Fibonacci retracement level of 0.618, indicating a potential upward trend reversal.

Bluntz employs the Elliott Wave Theory, a widely accepted technical analysis tool, which postulates that a bullish asset undergoes an ABC corrective phase before embarking on a five-wave rally. According to this theory, the recent price action of WIF suggests that a breakout to the upside is imminent.

"And there we have it, a nice five-wave rise from the lows and an ABC as well. WIF looking good here in my opinion, hats back on," Bluntz affirmed.

At the time of writing, WIF is trading at $2.64, reflecting a promising recovery from its recent lows. Bluntz's analysis underscores the potential for further upside momentum in the coming days.

Moreover, Bluntz has also expressed bullish sentiment toward Near (NEAR), a highly regarded Ethereum competitor. He believes that NEAR presents exceptional opportunities for long-term investors, particularly in the wake of a significant 50% correction witnessed over the past month.

"NEAR has so much going for it right now," Bluntz stated. "50% dip peak to trough, clear ABC down from the highs with five subwaves visible in the C wave and 4-hour RSI extremely oversold at levels not seen since the literal bottom at $1. This will prove to be a great entry in time in my opinion."

Currently trading at $5.46, NEAR has rebounded over 26% from its April low of $4.31, providing further credence to Bluntz's bullish outlook.

Investors are advised to monitor Bluntz's updates closely and consider their potential implications for their investment strategies. His track record of successful altcoin calls suggests that his insights hold significant value for those seeking to navigate the volatile crypto market.