Solana’s Meme Coin Surge in 2023
Solana has witnessed an incredible rise in 2023, fueling increased activity in meme coins on the network. Notable tokens like Solana Saga, BONK, and the more recent Dogwifhat (WIF) have left their mark towards the end of the previous year and the beginning of the current one.
Recently, a prominent analyst expressed bullish sentiments for WIF, which has made an explosive entry into the new year over the past 25 days since the beginning of 2024.
Current Status of Dogwifhat (WIF)
According to Bluntz, a leading analyst, Dogwifhat (WIF) may have bottomed out below $0.10 and could revisit levels above this point only after the current market cycle ends.
Bluntz analyzed the price chart using the Elliott Wave theory, a prominent technical analysis tool. According to him, WIF is currently in the second wave of a five-wave formation and could potentially reach a price above $1 at the end of the 5th wave.
The Elliott Wave theory 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, representing a surprising gain of 323% compared to the closing level of $0.0759 on January 8th.
How Much is Solana?
WIF operates on the Solana (SOL) network. Discussing SOL, Bluntz mentioned that SOL, the fifth-largest cryptocurrency by market cap, could experience an approximate 72% increase from its current level, potentially reaching a value over $150.
According to the analysis of the 8-hour chart of SOL by the analyst, 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.
