Crypto Strategist Says Bottom Is In for Solana (SOL)-Based Memecoin, Unveils Top AI Altcoin Pick

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

Pseudonymous analyst Bluntz tells his 263,800 followers on the social media platform X that memecoin dogwifhat (WIF) has likely carved a bottom.

According to the analyst, WIF is already flashing signs of a bullish reversal on the lower time frame after a deep corrective move from its all-time high 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 practices the Elliott Wave theory, which states that a bullish asset tends to witness a five-wave rally followed by a three-wave ABC correction. Looking at the trader’s chart, he seems to suggest that WIF has managed to complete a five-wave rally on the hourly chart, signaling a shift in trend.

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

At time of writing, WIF is worth $2.01.

Bluntz is also bullish on the artificial intelligence (AI)-focused altcoin Fetch.ai (FET). According to the top trader, FET is flashing multiple signals suggesting that the correction is 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 time of writing, FET is trading for $1.35.

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