Price movements linked to news flow are sometimes triggered with a delay, but we have often seen results. When BlackRock applied for a spot BTC ETF, BTC was still at quite low levels. It was not easy to surpass the $40,000 level. For this reason, some investors are hopeful about the continuation of the process that started for ETH ETF and SOL Coin.
WIF Coin Rose
Solana (SOL) ETF applications by VanEck and 21Shares have not yet pleased altcoin investors. However, WIF Coin continued stronger than its main network Solana with this good news. Dogwifhat has been forming a Bump-and-Run-Reversal (BARR) bottom formation since the beginning of June.
As of today, the formation is entering the breakout phase, with the first target being approximately 25% above the current price at $2.81. The BARR bottom formation consists of three stages: entry, bump, and run.
The Entry Stage consists of a series of lower highs and lower lows forming a descending trendline. It is long-term. The second stage, defined as the Bump stage, triggers a downward breakout from the established trendline. In the final stage, the price climbs the trend from the entry stage, breaks it, and the run or price growth begins here.
The formation triggers growth to the extent of the distance between the entry and exit trendline with the bottom of the bump stage. This indicates a formation target of $2.81 in the first stage.
WIF Coin Predictions
For the popular Solana meme coin, the resistance at $2.37 is challenging. A pullback from here could bring a drop back to $2.06. According to Tom Bulkowski, BARR bottom formations have a 76% success rate in technically reaching their targets. This is a very promising rate.
If new ETF applications are added to the 2 ETF applications submitted to the US Securities and Exchange Commission in the near term, the scenario targeted by the bulls for SOL and WIF Coin may come true. Especially if BlackRock and Fidelity join this caravan, investors’ hopes for approval will increase significantly.
The SEC’s approval for the ETF has revealed the potential for many altcoins with similar conditions to also receive approval. However, time will tell what decision the SEC will make.
