As the cryptocurrency market undergoes a correction, a prominent analyst has identified a meme coin that continues to perform Solana SOL/USD which is showing promising signs.
What happened: The pseudonymous analyst smooth he underlined it dogwifthat WIF/USDa meme coin trading on Solana, may be on the verge of a bullish reversal, the Daily Hodl reported on Thursday.
“$1.80 touched and crashed directly to 0.618 on WIF. Promising reaction so far, hoping this is the bottom, but we will wait for an impulsive five-wave rally on low timeframes i.e. 30 minutes – an hour for confirmation ,” Bluntz told his follower.
Use the Elliott wave theory, which suggests that a bullish asset undergoes an ABC corrective move before witnessing a new five-wave rally. According to Bluntz, recent WIF price action indicates an imminent upward move.
“In my opinion, this will prove to be a great entry over time,” he said.
Bluntz, also optimistic for the future Ethereum ETH/USD competitor Near NEAR/USDsees a long-term opportunity for NEAR after a correction of more than 50% in just one month.
At the time of writing, WIF was trading 7.85% higher at $2.38 while NEAR was trading at $5.56, marking a rise of 1.19%.
See also: Crypto Markets Slump Following Iranian Drone Attack on Israel, Investors Warn of Continued Sell-Off
Because matter: The analyst’s bullish stance on WIF and NEAR comes at a time when the cryptocurrency market is going through a correction. Solana, the blockchain on which WIF operates, was also affected by this fix.
The recent drop in the price of Solana, which was attributed to a decline in the price of Bitcoin, has sparked concerns among investors. The sentiment surrounding Bitcoin’s downturn has the potential to impact other cryptocurrencies, including those operating on the Solana blockchain.
However, Macroguru Raoul Pal revealed a significant reallocation of its digital asset portfolio, favoring Solana over other cryptocurrencies, including Ethereum. This shift in the investment landscape has raised eyebrows and caused a stir in the cryptocurrency community.
Read next: Elon Musk mocks Dogecoin tweet but DOGE fails to recover from 20% weekly correction
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