Solana’s incredible rise in 2023 has also sparked activity in meme coins on the network. Initially gaining attention with Solana Saga, BONK and the following Dogwifhat (WIF) made their mark at the end of last year and the beginning of this year, respectively. Recently, a frequently mentioned analyst expressed bullish sentiments for WIF, which made an explosive entry into the new year in the past 25 days since the first days of 2024.
Current Status of Dogwifhat (WIF)
According to Bluntz, a leading analyst of recent times, Dogwifhat (WIF) may have bottomed out below $0.10 and could revisit levels above this point only after the current market cycle ends.
Looking at the price chart shared by Bluntz, it is evident that he applied the Elliott Wave theory, which is a prominent technical analysis tool used lately. According to the analyst, WIF is currently in the second wave of a five-wave formation according to the Elliott Wave theory and could potentially reach a price above $1 at the end of the 5th wave.
To discuss the Elliott Wave theory, it examines the movement of an asset’s price in a five-wave pattern as the main trend, while a corrective wave occurs in a three-wave pattern.
Considering the last 24-hour price movement of WIF, at the time of writing, it is trading at $0.3718, which represents a surprising gain of 323% compared to the closing level of $0.0759 on January 8th.
How Much is Solana?
On the other hand, it should not be forgotten that WIF is on the Solana (SOL) network. Commenting on SOL, Bluntz mentioned that SOL, the fifth-largest cryptocurrency by market cap, could experience an approximate 72% increase from its current level and could be worth over $150.
According to the analysis made by looking at the 8-hour chart of SOL by the analyst, it was stated that Solana has potentially completed a three-wave bearish trend model. Following this, it was suggested that it could try to “test and reclaim” the price region between $90 and $100 before starting a rise that could lead to a move above $150.
Examining the price movement of Solana (SOL), it is observed that the price has increased by 1.5% in the last 24 hours, and at the time of writing, the price is at $87.50.
