A widely followed cryptocurrency analyst and trader remains optimistic about a red-hot competitor to Ethereum (ETH).
The analyst who goes by the pseudonym Bluntz tells his 248,700 followers on social media platform X that Solana (SOL) has much greater upside potential after rising 10-fold since September.
“The vertical accumulation of the SOL is over. The locks are open and the canal broken. Historic highs in sight.”
Source: Bluntz/X
Looking at the trader’s chart, he suggests that Solana’s bullish momentum is strengthening after a bullish breakout from an ascending channel.
Solana trades for $179.56 at the time of writing, up more than 5% in the last 24 hours. Solana hit an all-time high of $259.96 in November 2021.
The trader also says that another big reason to remain bullish on Solana is that it is outperforming against both Bitcoin (SOL/BTC) and Ethereum (SOL/ETH).
“SOL/BTC and SOL/ETH are already reaching new highs. There is no second best.
Source: Bluntz/X
Next, the trader uses Elliott Wave Theory to predict that Bitcoin will head towards $80,000 after the recent drop to the mid-$60,000 level.
Elliot Wave Theory states that the main trend in the price of an asset moves in a five-wave pattern while a correction occurs in a three-wave ABC pattern.
“Nice divs on BTC here in a retest ABC of the previous all-time high with five waves accounted for inside the C. Open Interest destroyed and funding flat and back to neutral. send it.”
Source: Bluntz/X
Looking at the trader’s one-hour chart, it suggests that Bitcoin has completed a corrective ABC wave and is about to begin a five-wave upward move.
At the time of writing, Bitcoin is trading for $68,262, down 3.7% over the past 24 hours.
Finally, the trader claims that the native layer 1 blockchain token Sei (SEI) is on the verge of exploding in a five-wave pattern until it reaches $1.60.
“The SEI has been a slow process this week, but in my opinion it finally seems ready. In my opinion, the next impulse is about to begin.
Source: Bluntz/X
At the time of writing, Sei is trading for $1.06, up more than 24% in the past 24 hours.
Image generated: DALLE3
