A trader known for his timely altcoin calls believes the Solana (SOL)-based meme token has started a new bullish trend.
Pseudonymous analyst Blunts told his 263,800 followers on social media platform
According to analysts, WIF is already showing signs of a bullish reversal in the lower time frames after a sharp correction from its all-time high of $4.83.
“I am now starting to feel confident that the bottom of WIF is in sight.
There was a nice 70% correction from high to low, not only did it drop to $1.46, but it also formed a long structure over three waves, just like I wanted.
Now, for the first time in months, there has been an impulsive five-wave rise from the low.
I think it’s likely a big bottom while 1.46 holds and we’re now fully allocated to WIF again.”
Bluntz practices Elliott Wave theory, which states that bullish assets tend to witness 5-wave rallies and 3-wave ABC corrections. Looking at the trader’s chart, he sees that WIF has completed a 5-wave rally on the hourly chart, signaling a trend change.
The chart also suggests that WIF has completed its ABC correction and is poised for a bounce above $3.
As of this writing, WIF is worth $2.01.
Bluntz is also bullish on artificial intelligence (AI)-focused altcoin Fetch.ai (FET), which is flashing several signals that indicate the correction is over, according to the top trader.
“FET is the AI narrative of my choice.
-68% drop from high to low, retesting the previous high and the pullback structure is the same as the 3rd day downtrend.
I think this is the floor and this will be the turbo pump.”
As of this writing, FET is trading at $1.35.
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