A widely followed crypto analyst says that smart contract platform Solana (SOL) has more room to run even after recording triple-digit gains so far this year.
Pseudonymous crypto trader Bluntz tells his 230,500 followers on the social media platform X that the Ethereum (ETH) rival could go up by double digits in the coming days.
When paired against Bitcoin, Bluntz says that Solana has formed a bullish setup. The strategist, who applies the Elliott Wave theory in his technical analysis, says that the Solana/Bitcoin pair (SOL/BTC) has completed a bearish five-subwave pattern and is on the cusp of a move that could result in a gain of over 41%.
According to the Elliott Wave theory, subwaves can be used to identify potential turning points in the market. A three-wave pattern is labeled as A, B and C while a five-wave pattern is labeled as 1,2,3,4 and 5.
“I think Solana is about to rip again.
Most important chart I’ve been tracking is SOL/BTC and looks like a nice clean A-B-C done with five subwaves within the C. SOL/USD pair is about to rip another 40% or so again in the coming days in my opinion.”
Solana is trading at $63.59, a 536% gain from its price of $9.99 recorded at the start of the year, while SOL/BTC is trading for $0.00142.
Turning to Bitcoin (BTC), Bluntz says that the flagship crypto asset looks bullish and could reach a price of around $90,000 once a five-wave pattern is completed.
“BTC [is] well and truly going parabolic now. Has all the characteristics of a wave-3 underway.”
Furthermore, the trader notes that the top crypto asset by market cap appears narrative proof on the macroeconomic scale.
“Best part about BTC is it has a bullish narrative for literally whatever happens macro-wise. Rate cuts in ‘24? No worries, BTC pumps because it’s a risk-on asset. More rate rises in ‘24? No worries, BTC pumps because [it’s] deflationary, ultra sound money, flight to quality, digital gold, blah blah blah.”
Bitcoin is trading at $43,930 at time of writing, a fractional gain during the last 24 hours.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
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.
Generated Image: DALLE3
