Top Analyst: Solana ($SOL) Ready for Record Highs, Bluntz Capital Forecasts Bitcoin and SEI Surge. Bitcoin Aims for $80,000 with Elliott Wave Theory Amid Open Interest Decline.
A well-known cryptocurrency analyst, famous for accurately predicting the end of the 2018 bear market, has shown optimism towards Solana ($SOL), a competitor of Ethereum. He thinks that the “floodgates will soon open” for SOL, indicating that it has been steadily accumulating since reaching a low point on January 23rd.
Solana’s Resilience and Upward Momentum
Bluntz Capital’s analysis reveals that Solana has been in an accumulation phase since dropping below $80 in late January. Despite this initial decline, the cryptocurrency has displayed resilience, currently trading at $191.5, marking an impressive 70% year-to-date increase.
$sol vertical accumulation has ended, flood gates are open and the channel broken, all time highs in sight. https://t.co/moLLMbRmTR pic.twitter.com/sA7wmwqTgQ
— Bluntz (@Bluntz_Capital) March 14, 2024
Analysts observe that Solana’s upward momentum is strengthening, evident from the bullish breakout observed from the ascending channel. Additionally, they confidently declare the conclusion of Solana’s vertical accumulation phase, signaling an anticipated peak.
Solana’s strength is underscored by its outstanding performance compared to Bitcoin (SOL/BTC) and Ethereum (SOL/ETH). This performance differential highlights Solana’s volatility and potential in the current market landscape.
Bullish Outlook for Bitcoin and Analysis of Open Interest
The analyst expresses bullish sentiments for Bitcoin, utilizing the Elliott Wave theory to forecast a recent dip to $60,000 followed by a climb to approximately $80,000. According to this theory, Bitcoin tends to follow a five-wave pattern, with growth observed in the three-wave ABC model.
nice divs on #btc here into an abc retest of prior ath with 5 waves accounted for within the C
OI nuked and funding flat and back to neutral.
send it. pic.twitter.com/EwTxXPKt4M
— Bluntz (@Bluntz_Capital) March 15, 2024
A sharp decrease in open interest (OI) combined with neutral funding indicates a potential rise in Bitcoin. Despite this, Bitcoin is presently trading at $68,062, reflecting a 0.7% decrease over the past 24 hours.
Bluntz Capital’s Bullish Outlook on SEI Token
In addition to its optimistic forecasts for Solana and Bitcoin, Bluntz Capital is turning attention to Sei (SEI), the native token of the layer-1 blockchain. The analysis suggests a potential breakout for SEI, following a five-wave pattern, which could propel the price to $1.60.
As of now, SEI Token is trading at $1.02, marking a 14% increase in the last 24 hours. This surge in price reflects growing investor interest and confidence in SEI’s potential for growth.
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.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
