An analyst known for making timely crypto calls believes one Ethereum (ETH) rival is entering a massive uptrend.
Pseudonymous analyst Bluntz tells his 338,800 followers on X that Solana (SOL) is likely entering a five-wave trend to the upside, after reclaiming the $90 range.
Bluntz practices the Elliott Wave theory, which states that a bullish asset tends to witness a five-wave rally after going through an ABC correction.
“The early stages of SOL accumulation seem to have finally come to an end on the back of this strong daily breakout.”
The analyst says that investors had been buying SOL in the last five weeks as it chopped around the $70 and $80 range, setting the crypto asset up for the breakout.
He also notes that ETH, which plummeted to the $1,800 range late last month, may have entered an uptrend after breaking through the $2,129 level.
“Looks like SOL has finally broken out of this five week accumulation, ETH also firmly broken out with conviction.”
The analyst suggests SOL will reach more than $200 later this year and $450 in 2027.
“Looking like the SOL markup phase has now begun.”
ETH is trading for $2,328 at time of writing, down 1.2% on the day.
Meanwhile, SOL is trading for $95 at time of writing, down about 1% in the last 24 hours.
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