- 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.