A trader who accurately called Bitcoin’s (BTC) bear market price bottom for 2018 thinks a steep rally is in sight for one Solana (SOL) challenger.
Pseudonymous analyst Bluntz tells his 231,700 followers on social media platform X that smart contract platform Sui (SUI) appears ripe for rallies after breaking out of its accumulation range.
The trader shares a chart showing the SUI rising more than 122% from current prices.
“A one-month accumulation pause on the SUI/USD pair.
Despite this, the BTC pair is still accumulating. In my opinion, this is quickly starting to become parabolic.
This is still very early, but not for much longer.”
Bluntz practices Elliott Wave theory, an advanced technical analysis method 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 tends to witness a five-wave rally.
Looking at the trader’s chart, he seems to predict that SUI will rise to $1.40 before the five-wave wave ends. At the time of writing, SUI is worth $0.63, still above the trader’s accumulation range.
As for Solana, Bluntz thinks SOL will follow in the footsteps of Avalanche (AVAX), an altcoin that has risen more than 90% this month.
“AVAX is really catching up now and surpasses SOL by a mile, but both have identical structures, but AVAX is moving faster and faster. A good look at the future for what is to come.”
At the time of writing, SOL is trading at $71.30.
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Generated image: Midjourney