A trader who nailed Bitcoin’s (BTC) 2018 bear market bottom believes that one Ethereum (ETH) rival is poised for a big burst to the upside.
Pseudonymous analyst Bluntz tells his 238,500 followers on the social media platform X that Solana (SOL) appears to have completed an ABC corrective wave.
Bluntz says that he now expects Solana to start a new five-wave rally that could see SOL printing about 50% gains from current prices.
“SOL reclaimed breakdown range, move up to $150+ now basically confirmed. Bears about to learn the true meaning of pain.”
The analyst practices the Elliott Wave theory, a technical analysis approach that attempts to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, a bullish asset often goes through an ABC correction before launching a five-wave move to the upside.
At time of writing, SOL is trading for $97.24, up nearly 4% in the last 24 hours.
The analyst is also keeping an eye on the native asset of Moonriver (MOVR), an Ethereum (ETH)-compatible parachain built on Kusama (KSM). According to Bluntz, MOVR looks bullish after completing an ABC corrective move.
“MOVR looking amazing here, flying under the radar big-time.”
Bluntz previously predicted that MOVR could rally to as high as $50.
At time of writing, MOVR is worth $23.48, down 4.49% in the past day.
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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.
Featured Image: Shutterstock/herryfaizal/Salamahin
