Top crypto analyst Bluntz says the recent correction in Solana (SOL) is over and rallies will continue for leading Ethereum (ETH) rival.
In a new strategy session, the pseudonymous analyst tells his YouTube subscribers that SOL has completed an ABC correction, setting itself up for another push to the upside.
Bluntz uses the Elliott Wave theory, which attempts to predict price movements based on the psychology of the crowd, which often manifests itself in waves. Traditionally, Elliott Wave theory suggests that price impulses occur in five waves, following three-wave “ABC” corrections.
According to Bluntz, SOL’s correction is over.
“This definitely looks impulsive on the lower time frames. We’ve had a five wave surge here… [And a] very small ABC setback and now we’re going again, so I think the SOL dip is over.”
The trader says Solana is likely destined to be the “fastest horse” heading into the next crypto market cycle, and says his Bitcoin pair (SOL/BTC) suggests more strength will come in the near future.
Bluntz says he’s targeting somewhere above $80 for Solana for now until it looks like SOL has fully completed a five-wave move upward. However, based on his chart, the trader suggests that SOL is likely destined for much higher prices than $80.
Says Bluntz,
“I really think we will continue to make new highs and make three-wave pullbacks and continue to move higher. And then once this structure looks complete and it looks like five out of five [waves] is complete, from this very first wave down here, then I might start to worry.
But for now, looking at this daily, I think there’s still plenty of juice left in the tank, and I think we’ll probably hit $80+ on the next leg and we’ll reassess when we get there. ”
At the time of writing, SOL is trading at $57.39.
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Generated image: Midjourney