A widely followed crypto analyst says smart contract platform Solana (SOL) has more headroom even after posting triple-digit gains so far this year.
Pseudonymous crypto trader Bluntz tells According to its 230,500 followers on social media platform
In combination with Bitcoin, Bluntz says Solana has formed a bullish stance. The strategist, who applies Elliott Wave theory in his technical analysis, says the Solana/Bitcoin pair (SOL/BTC) has completed a bearish five-sub-wave pattern and is on the cusp of a move that could result in a profit of more than 41%.
According to Elliott Wave theory, sub-waves can be used to identify potential turning points in the market. A three-wave pattern is referred to as A, B and C, while a five-wave pattern is referred to as 1,2,3,4 and 5.
‘I think Solana is going to tear again.
The main chart I have been following is SOL/BTC and it looks like a nice clean ABC with five subwaves within the C. SOL/USD pair is in my opinion about to rip another 40% or so in the coming days .”
Solana is trading at $63.59, a 536% gain from its price of $9.99 at the start of the year, while SOL/BTC trade for $0.00142.
As for Bitcoin (BTC), Bluntz say 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] things are really going parabolic now. Has all the characteristics of a Golf-3 on the road.”
Furthermore, the trader notes that the most important crypto asset by market capitalization appears to be a narrative proof on a macroeconomic scale.
“The best thing about BTC is that it has a bullish story for literally everything that happens macro-wise. Interest rate cuts in ’24? Don’t worry, BTC is pumping because it is a risky asset. More rate hikes in ’24? Don’t worry, BTC is pumping because [it’s] deflationary, ultra-sound money, flight to quality, digital gold, blah blah blah.”
Bitcoin is trading at $43,930 at the time of writing, a fractional gain in the last 24 hours.
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