Solana's Giant Meme Coin Comes Alive: Analyst Said 5th Wave Has Begun! - Coin Bulletin

dogwifhat (WIF), despite experiencing a 72 percent drop from its all-time high, is showing signs of recovery in the short term. However, analysts point out that a strong upward trend has not yet begun.

Meme coin WIF, which has become popular in the Solana (SOL) ecosystem, is showing signs of recovery after a significant value loss. Crypto analyst Bluntz stated on social media platform X that WIF has completed a three-wave correction in the weekly chart and potentially found a bottom** level.

The First Signals According to Elliott Wave Theory Have Arrived

Bluntz, using the Elliott Wave Theory in its technical analysis, says that the downtrend of WIF is taking longer than expected, but positive developments are seen in the short-term charts. According to the Elliott Wave Theory, asset prices follow a five-wave main trend, while corrections occur in a three-wave formation.

The analyst exhibited cautious optimism using the phrase 'We have not yet seen a five-wave rise from the bottom, but I think there is a strong possibility of such a formation'.

Critical Five Days for Bitcoin

Bluntz also made an interesting assessment about Bitcoin (BTC). The analyst pointed out that Bitcoin has potentially formed a Swing Failure Pattern (SFP) on the two-week chart, and if the price does not stay at current levels, a strong downward correction could occur. Bluntz said, 'Bitcoin has five days to not form a two-week SFP,' emphasizing that investors should closely monitor this critical period.

It was stated that WIF was traded at 1.32 dollars when writing the news.