Solana (SOL), a rising star in the cryptocurrency market, has experienced a remarkable surge of triple-digit growth over the past six months. This impressive performance has caught the attention of renowned analyst Bluntz, who is known for his expertise in applying the Elliott Wave theory to technical analysis.
Bluntz recently shared his bullish sentiment with his extensive following on the social media platform X. According to him, Solana has successfully completed a short-term bearish phase and is poised for further upward movement against the US dollar. By observing the three-wave bearish pattern, Bluntz suggests that Solana has found support around $162 and is now primed for a significant climb.
While the Elliott Wave theory outlines a five-wave pattern for the main trend of an asset’s price, with a three-wave correction in between, Bluntz believes that Solana has completed this corrective phase and is now ready to soar to new heights.
At the time of writing, Solana is currently trading at $175, marking an impressive 722% increase from its October 2023 low of $21.27.
Bluntz also highlights a bullish divergence when comparing Solana against Bitcoin (BTC) on the four-hour chart. Despite a descending Solana/Bitcoin price trend, the Relative Strength Index (RSI) readings indicate an upward movement. The RSI, a commonly used momentum oscillator, helps identify oversold and overbought conditions with values ranging from 0 to 100.
Additionally, Bluntz’s chart analysis reveals that Solana/Bitcoin has completed a five-wave pattern within the context of a larger three-wave bearish pattern.
As of now, Solana is trading at 0.00243700 BTC ($70,236).
This surge in Solana’s price and Bluntz’s bullish analysis provide a refreshing perspective on the potential of this Ethereum (ETH) competitor. With its impressive growth and positive technical indicators, Solana has undoubtedly attracted the attention of investors and traders looking for promising opportunities in the cryptocurrency market.
Solana (SOL) has emerged as a leading player in the cryptocurrency market, experiencing an extraordinary surge of triple-digit growth over the past six months. This remarkable performance has garnered the attention of respected analyst Bluntz, who specializes in applying the Elliott Wave theory to technical analysis.
Bluntz recently shared his optimistic outlook with his large social media following on the platform X. According to him, Solana has completed a short-term bearish phase and is now poised for further upward movement against the US dollar. By analyzing the three-wave bearish pattern, Bluntz suggests that Solana has found support around $162 and is now prepared for a significant climb.
The Elliott Wave theory typically outlines a five-wave pattern for the main trend of an asset’s price, with a three-wave correction in between. However, Bluntz believes that Solana has already completed this corrective phase and is ready to reach new heights.
At the time of writing, Solana is currently trading at $175, which represents an astounding 722% increase from its low of $21.27 in October 2023.
Bluntz also points out a bullish divergence when comparing Solana against Bitcoin (BTC) on the four-hour chart. Despite a descending Solana/Bitcoin price trend, the Relative Strength Index (RSI) readings indicate an upward movement. The RSI is a widely used momentum oscillator that helps identify oversold and overbought conditions, with values ranging from 0 to 100.
Furthermore, Bluntz’s chart analysis reveals that Solana/Bitcoin has completed a five-wave pattern within the context of a larger three-wave bearish pattern.
At present, Solana is trading at 0.00243700 BTC ($70,236).
The surge in Solana’s price and Bluntz’s bullish analysis offer a fresh perspective on the potential of this Ethereum (ETH) competitor. With its impressive growth and positive technical indicators, Solana has undoubtedly captured the attention of investors and traders seeking promising opportunities in the cryptocurrency market.
For more information about Solana and its market forecast, please visit the official Solana website at solana.com.