The analyst singled out a promising token whose value has increased by 500% in a few months

A well-known cryptocurrency analyst known as Bluntz has made optimistic predictions about one of the major altcoins that has grown in value by more than 500% over the past five months. We are talking about the FLOKI memecoin, which, according to the analyst, is forming a «solid» support level on the four-hour chart.

Based on the chart attached to his statement, Bluntz noted that FLOKI is also forming an inverse head and shoulders (IHS) pattern, which is usually considered a bullish signal. The analyst is confident that the token’s value will continue to grow, describing it as follows: «It's going to go up soon, in my opinion.»

The analyst also noted that FLOKI’s trading volume is growing, which confirms his expectations for the token’s parabolic growth.

Earlier, Bluntz also made optimistic predictions about another Solana-based memecoin called dogwifhat (WIF). According to him, this token could grow by about 444% by November of this year.

The analyst, who regularly uses Elliott Wave Theory in his technical analyses, noted that WIF is in the early stages of forming a five-wave pattern that could push its price to $ 11 in about four months.

According to the Elliott Wave Theory, the main trend of an asset’s price movements develops in a five-wave pattern, while the correction occurs in a three-wave pattern.

As a reminder, in May, the popular crypto strategist emphasized that two memecoins are approaching new historical highs. Bluntz shared a chart showing that Ripple (PEPE) could soar to new record highs. In addition, the analyst is also optimistic about another memtoken, Floki (FLOKI).