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HomeNewsSolana's Staggering 536% Annual Growth Predicted to Soar Further, Says Top Crypto...

Solana’s Staggering 536% Annual Growth Predicted to Soar Further, Says Top Crypto Analyst

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  • Pseudonymous crypto trader Bluntz predicts a further surge for Solana (SOL), which has already seen a 536% increase this year.
  • Bluntz uses the Elliott Wave theory to anticipate a more than 41% gain for the Solana/Bitcoin pair (SOL/BTC).

Solana’s Bullish Trajectory: Anticipated Continuation of Remarkable Gains

A prominent figure in the crypto analysis sphere, known as Bluntz, has forecasted a promising future for Solana (SOL), a strong competitor to Ethereum in the smart contract platform space. Despite already achieving an impressive 536% growth year-to-date, Bluntz suggests that Solana still has significant potential for further gains. Speaking to his substantial following on the social media platform X, he anticipates double-digit increases for Solana in the upcoming days.

Technical Analysis: A Closer Look at Solana’s Prospects

Bluntz’s prediction leverages the Elliott Wave theory, a method often used in technical analysis to identify market trends by observing wave patterns. According to this theory, Solana has completed a bearish five-subwave pattern against Bitcoin (SOL/BTC), which is indicative of an imminent bullish movement. The analyst predicts over a 41% increase for the SOL/BTC pair, based on the completion of this pattern.

Solana’s current trading value stands at $63.59, a remarkable leap from its starting price of $9.99 at the beginning of the year. The SOL/BTC pair, too, is showing promising movements, currently trading at $0.00142.

Bitcoin’s Outlook: A Parallel Bullish Scenario

Shifting focus to Bitcoin (BTC), Bluntz remains optimistic, projecting a bullish future for the leading cryptocurrency. He envisions Bitcoin entering a parabolic phase, characterized by a wave-3 pattern that could potentially propel its value to around $90,000.

Bluntz also highlights Bitcoin’s versatility in adapting to various macroeconomic narratives, viewing it as a strong asset regardless of the global economic climate. Whether it’s a shift towards rate cuts or further rate hikes in 2024, Bitcoin is perceived as a resilient, adaptable investment, capable of thriving under different macroeconomic scenarios.

At the time of writing, Bitcoin’s value hovers around $43,930, showing slight gains over the past 24 hours. The anticipated bullish trends for both Solana and Bitcoin underscore the dynamic and ever-evolving nature of the cryptocurrency market, capturing the attention of investors and analysts alike.

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AnnJoy Makena
AnnJoy Makenahttps://www.ethnews.com
Annjoy Makena is an accomplished and passionate writer who specializes in the fascinating world of cryptocurrencies. With a profound understanding of blockchain technology and its implications, she is dedicated to demystifying complex concepts and delivering valuable insights to her readers. Business Email: info@ethnews.com Phone: +49 160 92211628
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