A largely followed analyst looks bruised over an same in the Solana ecosystem (soil) in the middle of a rout that has seen the cryptographic asset lose 72% of its value compared to the top of all time.
The analyst known in a pseudonym manner under the name of Bluntz said to his 314,000 subscribers on the social media platform X that Dogwifhat (WIF) could have a background after having finished a correction in a three wave model on the deadline weekly.
The analyst who regularly applies the theory of waves Elliott in his technical analysis says that if the downward trend of WIF lasted longer than expected, there are “beautiful signs of life” on the low terms of the same. The Elliott wave theory indicates that the main trend of the price of an asset moves in a five wave model while a correction occurs in a three wave model.
While warning that it is too early to conclude that a Bull Run is underway, says Bluntz,
“Obviously, very early on and we did not see a climb of five waves from” still “, but I think there is a decent chance that we started to train.”
WIF is traded at $ 1.32 at the time of the editorial staff.
Then Bitcoin (BTC). According to the widely followed analyst, Bitcoin could potentially form a “brutal” swing failure model (SFP) downwards of the graph of two weeks. A swing failure model is a technical analysis tool that is used to determine the potential points of a trend reversal.
“Bitcoin has five days not to be a two -week brutal SFP.”
Bitcoin is negotiated at $ 101,912 at the time of the editorial staff.
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