A crypto strategist who managed to reach the Bitcoin (BTC) price bottom during the 2018 bear market thinks Solana (SOL) is preparing for a steep move to the upside.
Pseudonymous analyst Bluntz tells his 234,400 followers on social media platform X that Solana appears to be forming a bullish reversal pattern on the one-hour chart.
According to the analyst, he expects SOL to consolidate for a while before launching a parabolic rally.
“Beautiful rounded soil formation on SOL.
I wouldn’t be surprised to see a long window for this before the next mind-blowing parabola leg.”
With Solana trading well above the pattern support, Bluntz has predicts an upcoming rally for the fifth largest altcoin by market cap.
“Nice move from the lows so far on SOL.
New highlights coming soon.”
At the time of writing, SOL is trading at $107.40.
The trader then looks at the new layer-1 blockchain Sei (SEI). According to Bluntz, SEI is shaping up to be one of the fastest horses of this cycle, having launched a nearly 400% rally in just a few months.
“SEI is quickly becoming the outperformer of this cycle.
In my opinion, it should definitely be on everyone’s radar for withdrawals in 2024.”
At the time of writing, SEI is worth $0.711, up about 200% since early December.
Another altcoin on the trader’s radar is Lido DAO (LDO), a crypto project that aims to allow users to stake Ethereum (ETH) without tying up assets or maintaining infrastructure.
According to the analyst, LDO appears poised for a breakout on its US dollar pair, while showing a bullish reversal signal on its Bitcoin pair (LDO/BTC).
“I have a love-hate relationship with it I DO but I think it’s finally going for the price discovery breakout. There is also weekly bullish divergence on the BTC pair.”
At the time of writing, LDO is worth $2.87.
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Generated image: Midjourney