A trader who accurately called the bottom of Bitcoin’s (BTC) 2018 bear market thinks that the uptrend of one Ethereum (ETH) challenger that has massively outperformed the broader crypto markets this year is far from over.
Pseudonymous analyst Bluntz tells his 233,400 followers on the social media platform X that the people who are calling for the end of Solana’s (SOL) big rally this year will most likely miss out on the altcoin’s surge to a fresh all-time high (ATH).
According to Bluntz, Solana has a lot more gas left in the tank as he predicts that SOL could still print gains of more than 257% from current levels.
“SOL is still 113% away from ATH. Why is everyone so hell-bent on calling tops? What the f**k is wrong with y’all?
Just buy dips all the way to $400.
Not a single person is ever going to remember the guy who may or may not have been successful in shorting a 10% move down, but they will remember the chads who long all the way to inevitable all-time highs.
Don’t overthink it, SOL is this cycle’s darling chain, embrace it.”
At time of writing, SOL is worth $112, up more than 1,000% from this year’s opening price of $9.99.
Looking at the low time frame charts of Solana, the trader thinks that the altcoin is poised for another leg up against both the US dollar and Bitcoin (SOL/BTC).
“Nice little 12% dip there on SOL in a monster uptrend with a few more legs to go in my opinion on the BTC pair and USD pair. Don’t fight the trend.”
Bluntz uses the Elliott Wave theory in his technical analysis in an attempt to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, a bullish asset witnesses a five-wave uptrend to be followed by an ABC correction before the next leg up.
Looking at the analyst’s SOL/USD pair, he seems to suggest that the pair is in a position to rally once more after completing an ABC correction. For the SOL/BTC pair, he appears to predict that it could rise above 0.0034 BTC, worth $144.
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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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