A widely followed crypto trader believes that one top-10 altcoin could double in price amid a crypto market bounce.
Pseudonymous crypto analyst Bluntz tells his 223,000 Twitter followers that he is “liking” Solana (SOL) after the Ethereum (ETH) competitor completed an Elliot Wave Theory three-wave correction pattern as well as bounced from a major support level.
According to the Elliott Wave theory, the main trend in the price action of an asset occurs in a five-wave pattern while a correction occurs in a three-wave pattern.
“One of the altcoins I’m liking here is SOL.
Solid strong reaction from a major support level, clean three-wave move down on high time frames.
I think this has potential for 100% upside and I rarely call shit like that.”
Solana is trading at $16.75 at time of writing.
Turning to Bitcoin (BTC), the pseudonymous analyst says that the flagship crypto asset is flashing a bullish signal on the daily chart.
“Beautiful downtrend/bull flag breakout on daily.
I think it’s time to start taking some more risk again.”
A bull flag pattern typically signals that the uptrend which was underway prior to the price descent is about to resume.
Bitcoin is trading at $28,840 at time of writing.
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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 losses 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.
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