Top crypto analyst Bluntz says that the recent correction in Solana (SOL) is over and that rallies are set to continue for the leading Ethereum (ETH) rival.
In a new strategy session, the pseudonymous analyst tells his YouTube subscribers that SOL has completed an ABC correction, priming itself for another impulse to the upside.
Bluntz uses Elliott Wave theory, which attempts to forecast price movements based on crowd psychology which tends to manifest in waves. Traditionally, the Elliott Wave theory suggests that price impulses happen in five waves after three-wave “ABC” corrections.
According to Bluntz, SOL’s correction is over.
“This is definitely looking impulsive to me on the lower timeframes. We’ve had a five-wave rise here… [And a] very minor ABC pullback and now we’re going again, so I do think the SOL dip is over.”
The trader says that Solana is likely destined to be the “fastest horse” moving into the next crypto market cycle, and says its Bitcoin pair (SOL/BTC) is suggesting more strength to come in the near future.
Bluntz says that for the time being, he’s targeting somewhere above $80 for Solana until it appears that SOL has fully completed a five-wave move to the upside. However, based on his chart, the trader suggests that SOL is likely destined for much higher prices than $80.
Says Bluntz,
“I do think we’re going to continue making new highs and continue making three-wave pullbacks and continue higher. And then, once this structure looks complete and it looks like five of five [waves] has completed, marking from this very first wave down here, that’s when I might start to get worried.
But at least for now, looking at this on the daily, I think this still has plenty of juice left in the tank, and I think we’re probably hitting $80+ in this next leg and we’ll reassess when we get there.”
At time of writing, SOL is trading for $57.39.
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