Pseudonymous Analyst Bluntz Predicts Solana (SOL)-Based Meme Token dogwifhat (WIF) Has Carved a Bottom

A trader known for well-timed altcoin calls believes that a Solana (SOL)-based meme token has started a new uptrend.

A cryptocurrency trader with a knack for spotting promising altcoins is keeping a close eye on a Solana (SOL)-based meme token, suggesting that it might be gearing up for a new bull run.

Bluntz, a pseudonymous trader with over 263,800 followers on X, has shared his thoughts on the performance of dogwifhat (WIF), a memecoin that has seen a significant downturn since reaching its all-time high.

Bluntz's analysis leads him to believe that WIF has now carved out a bottom, with the recent price action showing signs of a bullish reversal on the lower time frame after a deep corrective move from its peak of $4.83.

“Starting to feel confident WIF bottom is now in.

Not only did we get a nice 70% correction from peak to trough down to $1.46, but the structure played out in a long drawn-out three waves exactly as I wanted to.

We now also have an impulsive five-wave rise from the lows, the first one in months.

It’s likely a major bottom while 1.46 holds in my opinion, am now fully allocated to WIF again.”

Bluntz utilizes the Elliott Wave theory in his analysis, which suggests that a bullish asset tends to witness a five-wave rally followed by a three-wave ABC correction.

In the case of WIF, Bluntz's analysis suggests that the memecoin has managed to complete a five-wave rally on the hourly chart, indicating a shift in the trend from bearish to bullish.

The chart also suggests that WIF has concluded an ABC correction and is now poised for a rally above the $3 level.

At the time of writing, WIF is trading at $2.01, showing a substantial decrease from its all-time high but setting the stage for a potential uptrend.

Bluntz's radar has also picked up on Fetch.ai (FET), an artificial intelligence (AI)-focused altcoin that has been on a downturn since reaching its peak in 2023.

Bluntz's analysis suggests that FET is flashing multiple signals indicating that the correction might be over.

“FET is my AI narrative pick.

-68% dip peak to trough, retesting prior all-time high and pullback structure is a clear as day three-wave move down.

I think this is a bottom and this one will turbo pump.”

At the time of writing, FET is trading at $1.35, down significantly from its all-time high but showing signs of recovery.

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