A trader who accurately named the bottom of Bitcoin’s (BTC) 2018 bear market thinks the uptrend of an Ethereum (ETH) challenger that has vastly outperformed the broader crypto markets this year is far from over.
Pseudonymous analyst Bluntz tells his 233,400 followers on social media platform .
According to Bluntz, Solana has a lot more gas in the tank than he does predicts that SOL could still post gains of more than 257% from current levels.
“SOL is still 113% away from ATH. Why is everyone so determined to call tops? What the fuck is wrong with you guys?
Just buy dips up to $400.
No person will ever remember the guy who was successful or unsuccessful in shorting a 10% drop, but he will remember the chads who long for inevitable highs all the way.
Don’t think about it too much, SOL is the darling chain of this cycle, embrace it.”
At the time of writing, SOL is worth $112, an increase of over 1,000% from this year’s opening price of $9.99.
Looking at Solana’s low timeframe charts, the trader thinks the altcoin is poised for another surge against both the US dollar and Bitcoin (SOL/BTC).
“A nice little 12% dip there on SOL in a monstrous uptrend with a few legs to go, in my opinion, for the BTC pair and the USD pair. Don’t fight the trend.”
Bluntz uses the Elliott Wave theory in his technical analysis in an attempt to predict future price action by following the psychology of the crowd which often manifests itself in waves. According to the theory, a bullish asset witnesses a five-wave uptrend followed by an ABC correction before the next rise.
Looking at the analyst’s SOL/USD pair, he seems to suggest that the pair is in a position to rise again after completing an ABC correction. For the SOL/BTC pair, he seems to predict that it could rise above 0.0034 BTC, worth $144.
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Generated image: DALLE3