Leading expert expresses optimism for a memecoin built on the Solana blockchain amid the current correction in the cryptocurrency market. The analyst, known as Bluntz, suggests that the memecoin, dogwifhat (WIF), may have reached a bottom when it dropped to $1.89 recently. Bluntz utilizes the Elliott Wave theory to analyze the price movements, which indicates that WIF could experience an upward rally after a corrective phase. The analyst identifies a five-wave rise in WIF’s price and expresses confidence in its upward potential. WIF is currently valued at $2.64.
Bluntz also highlights the investment potential of Near (NEAR), a competitor to Ethereum (ETH). Despite undergoing a 50% correction in just one month, NEAR presents opportunities for long-term investors. The analyst identifies a clear ABC correction in NEAR’s price, with the relative strength index (RSI) showing oversold conditions not seen since the price bottomed at $1. Bluntz believes that now is a great entry point for NEAR, which is currently valued at $5.46, up over 26% from its April low.