An analyst, who is well-known for his timely calls on cryptos, believes that Solana (SOL), is preparing to rally and reach a new record high.
Bluntz, a pseudonymous trader on social media platform X, tells 313,400 of his followers that he believes Solana completed an ABC correction in the chart for the 4-hour period.
Bluntz uses the Elliott Wave Theory, according to which a bullish investment tends spark a five-wave upward surge following an ABC pullback.
The trader says:
“SOL’s pullback also unfolded as an ABC, with the B-wave being a triangle. I believe we are on our way to a new high.”
According to the chart of Bluntz, Solana is expected to reach $320.
SOL’s value is $226 at the time this article was written.
Bluntz believes that Bitcoin (BTC) is also in the middle of an ABC correction. The trader believes that BTC could reach a bottom of around $96,000, before starting a final upswing.
I’m open to accepting that it is ABC and that we will extend once more. This would then probably become another five-wave movement and extend again.
Bull markets like to finish on diagonals. Bull markets love the last, final waves. We’ve seen it before .”
The trader seems to be predicting that Bitcoin’s bull market will come to an end at $130,000.
BTC was worth $101,076 at the time this article was written.
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Sources of Images include Pixabay Creative Commons & Midjourney
The post titled Analyst Says Solana is on the Road to a New All-Time High and Outlines a Potential Bitcoin End-of Cycle Surge may be updated as new information becomes available.
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