A crypto strategist known for calling Bitcoin’s (BTC) 2018 market bottom thinks that Solana (SOL) looks ripe for a big move to the upside.
Pseudonymous analyst Bluntz tells his 239,500 followers on the social media platform X that Solana appears to be in the midst of a wave-three rally.
The trader shares a chart that suggests SOL could hit a price level last seen in January 2022 before ending its five-wave surge.
“Looking like SOL is now also looking strong and in a wave three up to $150 and beyond. Had more bids at $90 that didn’t hit so didn’t end up getting filled as much as I’d like, but still my largest spot bag.
Send it.”
Bluntz practices the Elliott Wave theory, an advanced technical analysis approach that attempts to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, a bullish asset witnesses a five-wave rally with wave three being the strongest and the longest of all.
At time of writing, SOL is trading at $108.48.
Bluntz is also watching the price action of Solana competitor Sei (SEI). According to the analyst, Sei appears to be in the final stages of its five-wave surge and could hit a new all-time high above $1.
“SEI has consolidated enough now in my opinion, still yet to put in the macro fifth wave higher on daily.
Psychological $1 zone next stop, potentially even higher.”
At time of writing, SEI is worth $0.696.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Art Furnace
