A well-known cryptocurrency analyst, recognized for accurately predicting the cryptocurrency market bottom during the 2018 bear market, has recently disclosed their belief that the price of the smart contract platform Solana ($SOL) will rise further from its current level.
On the microblogging platform X (formerly known as Twitter), the pseudonymous analyst, Bluntz Capital, shared their insights with over 250,000 followers. In a follow-up post to a previous prediction, they suggested that SOL’s price would drop to the $160 mark “before we can think about the next leg up.”
Analyst Bullish on Solana (SOL) Price Surge
The native currency of the smart contract platform, Solana ($SOL), experienced a drop to $162 over the week but has since rebounded to $167.8 at the time of writing.
On the microblogging platform, Bluntz Capital shared their belief that $162 was the bottom for SOL and anticipates further upward movement from its current level.
A prominent cryptocurrency analyst known as Bluntz expresses strong optimism for Solana (SOL), positioning itself as a competitor to Ethereum (ETH). With SOL’s price soaring by over 700% in the past six months, Bluntz foresees this trend continuing.
160 was front run by $2 but i think thats it for $sol now, higher from here imo https://t.co/4KWlXxmgEd pic.twitter.com/Z50IxZLjv9
— Bluntz (@Bluntz_Capital) April 10, 2024
Bluntz employs the Elliott Wave Theory, a technical analysis framework indicating that an asset’s price movement follows a specific, five-wave pattern. According to this theory, market trends unfold in repetitive cycles driven by investor psychology, typically consisting of a five-wave progression followed by a three-wave corrective phase.
Developed in the 1920s by Ralph Nelson Elliott, the Elliott Wave theory is based on identifying recurring fractal wave patterns influenced by mass psychology.
Solana’s price surge of more than 660% in the past six months, and over 65% year-to-date, aligns with Bluntz’s analysis. Furthermore, there’s a bullish divergence on the four-hour chart for the Solana/Bitcoin pair, indicating an upward trend in the Relative Strength Index (RSI) despite the price of Solana relative to Bitcoin trending downward.
Impending Price Reversal Predicted for Solana Against Bitcoin
This indicates the potential for an impending price reversal for Solana against Bitcoin, suggesting that the smart contract platform may soon resume outperforming the flagship cryptocurrency.
It’s important to highlight that Bluntz gained fame for accurately predicting, in June 2018, the bear market that saw the price of bitcoin plummet from a then all-time high near $20,000. His prediction foresaw the coin trading at $3,200, a target that Bitcoin nearly hit in December of the same year.
Important:Â 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.
Â
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
