A widely followed crypto trader predicts that Solana (SOL) will move back up after a sudden retracement.
Pseudonymous analyst Bluntz tells According to his 228,600 followers on social media platform X, Solana could rise by more than 22% from its current value.
Bluntz uses Elliott Wave theory in his technical analysis. Elliott Wave Theory states that the main trend of an asset’s price moves in a five-wave pattern.
“Finally I got a nice correction of three waves on four o’clock SOL, all the late monkeys were washed away.
I think it is ready for the next move to $70 and still in a monstrous uptrend against BTC.”
The trader too say that SOL is showing bullish divergence on the relative strength index (RSI), a momentum indicator that traders use to signal trend continuation or reversal.
“LTF (low time frame) misc. (divergence) again, send it.”
According to the trader, a similar bullish divergence appeared on the RSI earlier this month, preceding Solana’s big move from $38 to above $60.
The trader said in that time,
“LTF div. on SOL, give me that hopium.
Solana rose to a high of $62.29 on November 11 before falling to $52.05 on November 13. Solana is trading at $57.28 at the time of writing, up 8.9% in the last 24 hours.
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