A crypto strategist known for calling the Bitcoin (BTC) market bottom in 2018 thinks Solana (SOL) appears ripe for a big move higher.
Pseudonymous analyst Bluntz tells his 239,500 followers on social media platform X that Solana appears to be in the midst of a wave-three rally.
The trader shares a chart suggesting that SOL could reach a price level last seen in January 2022 before the five-wave wave ends.
“It looks like SOL is also looking strong now, heading to $150 and above in a wave three. I had more $90 bids that didn’t hit, so I ended up not getting filled as much as I would like, but still my biggest spot bag.
Send it.”
Bluntz practices Elliott Wave theory, an advanced 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 witnesses a five-wave rally, with wave three being the strongest and longest of all.
At the time of writing, SOL is trading at $108.48.
Bluntz also looks at the price action of Solana competitor Sei (SEI). According to the analyst, Sei appears to be in the final stages of its five-wave cycle and could hit a new all-time high above $1.
“SEI is now sufficiently consolidated in my opinion, but still needs to post the fifth macro wave daily higher.
Next stop in the psychological $1 zone, possibly even higher.”
At the time of writing, SEI is worth $0.696.
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Featured image: Shutterstock/Art Furnace