Bluntz, a crypto analyst famed for accurately predicting Bitcoin’s 2018 low, has shared some eye-opening insights about the future of Solana (SOL) with his followers.
Bluntz, who accurately predicted Bitcoin’s low point in 2018 at $3,000, now believes that Solana (SOL) is set to do even better than Bitcoin.
Feeling sure about SOL’s potential for a big surge, Bluntz stressed the significance of watching the SOL/USD chart, a chart he’s keeping a close eye on. He pointed out that everything on the chart indicates a potential 40% increase in SOL’s value.
i think $SOL is about to rip again.
most important chart ive been tracking is solbtc and looks like a nice clean abc done with 5 subwaves within the C.
USD pair is about to rip another 40% or so again in the coming days imo.
trading sol on bybit 👇https://t.co/zHX9WYRMOM pic.twitter.com/voaAoIfAdP
— Bluntz (@Bluntz_Capital) December 6, 2023
Bluntz’s SOL Price Forecast Based on Elliott Wave Theory
Bluntz is using Elliott’s wave theory to predict SOL’s price. This theory is about watching repeated patterns in waves, influenced by how people think in groups.
Elliott’s wave theory became well-known in the 1930s when Ralph Nelson Elliott used it to predict the stock market’s lowest point in 1935 after a 13-month slowdown.
In simple terms, to understand Elliott’s wave theory, you look for five waves that can go up or down, and three waves that correct. The key is spotting and studying these waves, forming a way to predict how digital asset prices might move.
Solana’s Remarkable Market Trends and DeFi Boom
In the last year, SOL has shown impressive market trends, surging by a remarkable 464.5%, according to CoinGecko.
Just in the past month, SOL went up by a notable 74.8%, currently trading at $77.32, with an additional 8% increase in the last 24 hours.
Solana (SOL) is currently the sixth-largest crypto project by market cap, with a substantial capitalization of $32,935,397,801. Its market dominance stands at 1.899%, and it boasts a significant trading volume of $3,234,564,792.
The surge in Solana’s value is not only following Bitcoin’s path but is also driven by the impressive growth of its decentralized finance (DeFi) sector. The expanding DeFi ecosystem has positioned Solana as a top player, attracting more users due to its growing real-world applications.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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