A widely followed crypto trader is predicting that Solana (SOL) will resume moving to the upside after a sudden retracement.
Pseudonymous analyst Bluntz tells his 228,600 followers on the social media platform X that Solana could soar by more than 22% from its current value.
[adinserter block="1"]Bluntz utilizes the Elliott Wave theory in his technical analysis. The Elliott Wave theory states that the main trend of the price of an asset moves in a five-wave pattern.
“Finally got a nice three-wave correction on SOL four-hour, all the late apes washed out.
I think it’s ready for the next leg up into $70 and still very much in a monster uptrend against BTC as well.”
The trader also says that SOL is showing bullish divergence on the relative strength index (RSI), a momentum indicator that traders use to spot trend continuation or reversal.
“LTF (low time frame) divs. (divergence) again, send it.”
According to the trader, a similar bullish divergence appeared on the RSI earlier this month that preceded Solana’s big move from $38 to above $60.
The trader said at that time,
“LTF divs. on SOL, gimme that sweep hopium.”
Solana soared to a high of $62.29 on November 11th, before dipping down to $52.05 on November 13th. Solana is trading for $57.28 at time of writing, an increase of 8.9% in the last 24 hours.
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