A prominent cryptocurrency analyst and trader is showing optimistic sentiment towards a significant altcoin that has surged by over 500% in the last five months.

The analyst, known pseudonymously as Bluntz, informs his 264,100 followers on the social media platform X that FLOKI (FLOKI) is establishing a “solid” support level on the four-hour chart. An attached chart suggests that Bluntz believes FLOKI has also formed an inverse head and shoulders (IHS) pattern, which is generally viewed as a bullish indicator.

“It’s going to rip in my opinion,” Bluntz states.

Source: Bluntz/X

At the time of writing, FLOKI is priced at $0.000178, marking an increase of over sixfold since its February 5th low of $0.0000269.

The pseudonymous analyst also notes that FLOKI’s trading volume is increasing as the memecoin breaks out above a descending trend line.

“Exactly what you want to see in an IHS setup, parabola soon,” Bluntz comments.

Source: Bluntz/X

Previously, Bluntz had also expressed bullish views on the Solana-based memecoin, dogwifhat (WIF). According to him, WIF could rally by approximately 444% by November of this year. Bluntz, who frequently utilizes the Elliott Wave theory in his technical analysis, indicates that WIF is in the early stages of forming a five-wave pattern that could see it reach $11 in about four months.

The Elliott Wave theory posits that the primary trend of an asset’s price moves in a five-wave pattern, while corrections occur in a three-wave pattern.

Source: Bluntz/X

At the time of writing, WIF is trading at $2.02.

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