Trader Highlights Upside Potential for Memecoin Solana and AI Altcoins

An altcoin trading expert known for his accurate predictions suggests that a Solana-based meme token (SOL) could be entering a new bullish phase.

Bluntz, an analyst who prefers to remain anonymous, highlighted two altcoins on X that are particularly standing out with upside potential: dogwifhat (WIF) and Fetch.ai (FET).

Bluntz notes that WIF is showing signs of an upside recovery after a sharp correction that took its value down from a peak of $4.83 to $1.46. He elaborates: “Starting to feel confident that the bottom is in for WIF. Not only did we get a nice 70% correction from the peak to the low to $1.46, but the structure worked out in three extended waves, exactly as I wanted. We also now have a five-wave impulsive rally from the lows, the first in months. This is likely a significant bottom, while 1.46 holds in my opinion, I am now fully allocated to WIF again.”

don’t be afraid to dream a little bigger.$WIF https://t.co/zWSk5xicri pic.twitter.com/7XxUJrWAzu

— Bluntz (@Bluntz_Capital) July 1, 2024

Bluntz’s Elliott Wave theory suggests that bullish trends in assets typically occur in five upward waves, followed by a three-wave correction. The charts analyzed by the trader indicate that WIF has completed a five-wave recovery cycle on the hourly chart, preparing to break above $3 after completing an ABC correction.

Bluntz is also optimistic about the future of the artificial intelligence-focused altcoin Fetch.ai (FET). He notes that the FET is exhibiting signs that the correction phase has come to an end, projecting a promising outlook for the cryptocurrency. “FET is my AI narrative choice. -68% drop from peak to trough, retesting the previous all-time high and the retracement structure is clear as the third day waves descend. I think this is a bottom and this one is going to go turbo.”

$FET is my AI narrative pick.

-68% dip peak to trough, retesting prior all time high and pullback structure is a clear as day 3 wave move down.

i think this is a bottom and this one will turbo pump. pic.twitter.com/nXyHJ3kGPc

— Bluntz (@Bluntz_Capital) June 26, 2024

At the time of publication, the price of WIF was quoted at US$2.27, registering an increase of 12% in the last 24 hours. At the same time, Fetch.ai (FET) was traded at US$1.42, showing an increase of 7% in the same period.

Disclaimer:

The views and opinions expressed by the author, or any person mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.