A trader who hit the bottom of Bitcoin’s (BTC) bear market in 2018 believes an Ethereum (ETH) rival is poised for a big run to the upside.
Pseudonymous analyst Bluntz tells his 238,500 followers on social media platform X that Solana (SOL) appears to have completed an ABC correction wave.
Bluntz says he now expects Solana to start another five-wave rally, where SOL could post a gain of around 50% from current prices.
“SOL has regained the breakdown range, an increase to $150+ is now effectively confirmed. Bears are about to learn the true meaning of pain.”
The analyst applies Elliott Wave theory, a technical analysis approach that attempts to predict future price action by monitoring the psychology of the crowd that often manifests itself 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 the time of writing, SOL is trading at $97.24, up almost 4% in the last 24 hours.
The analyst is also keeping an eye on the native assets of Moonriver (MOVR), an Ethereum (ETH)-compatible parachain built on Kusama (KSM). According to Bluntz, MOVR looks bullish after completing an ABC correction.
“MOVR looks great here and flies big under the radar.”
Bluntz earlier predicted that MOVR could rise as high as $50.
At the time of writing, MOVR is worth $23.48, down 4.49% in the past day.
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Featured image: Shutterstock/herryfaizal/Salamahin