Analyst Updates Outlook on Altcoin That’s Exploded Over 220% in a Week, Maps Path Forward for Solana

By The Daily Hodl March 03, 2024 In Bitcoin, Solana
Source: Bluntz/X

A widely followed analyst and trader is offering his insight on two digital assets as the total crypto market cap edges upwards.

The crypto analyst pseudonymously known as Bluntz tells his 241,400 followers on the social media platform X that the memecoin dogwifhat (WIF) is displaying bullish divergence on the long time frames.

A bullish divergence occurs when the price of an asset keeps forming lower lows while an oscillator, in this case the Relative Strength Index (RSI), is forming higher lows.

Source: Bluntz/X

WIF is trading at $0.952 at time of writing, up by around 229% from a low of $0.289 recorded on February 24th.

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Turning to Solana (SOL), the pseudonymous analyst says that the layer-1 altcoin has potentially bottomed out against Bitcoin (BTC) after forming a bullish divergence on the one-hour time frame.

Source: Bluntz/X

On the three-day time frame, Bluntz says that the Solana/Bitcoin pair is forming a “hell of a bottom wick”. A bottom wick is a candle which indicates that price has significantly pulled back from the low to close at a much higher price, thereby resulting in a thin line at the lower part of the candle.

Source: Bluntz/X

Solana is trading at 0.00216 BTC ($133.37) at time of writing.

Generated Image: Midjourney

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