A widely followed crypto analyst, smart contract platform solana He says ‘s (SOL) has more room to run even after posting triple-digit gains so far this year.
Crypto trader pseudonymous Bluntz told his 230,500 followers on social media platform says.
Bluntz says Solana forms a bullish setup when paired with Bitcoin. The strategist, who applies the Elliott Wave theory in his technical analysis, says that the Solana/Bitcoin pair (SOL/BTC) has completed a bearish formation with five sub-waves and is on the verge of a move that could result in a gain of over 41%.
According to Elliott Wave theory, lower waves can be used to identify potential turning points in the market. A three-wave pattern is labeled A, B, and C, while a five-wave pattern is labeled 1,2,3,4, and 5.
I think Solana is about to take off again.
The most important chart I follow looks like a nice clean AB-C complete with five sub-waves within SOL/BTC and C. I think the SOL/USD pair will fluctuate by another 40% in the coming days.
NEWS CONTINUES BELOW
Solana is trading at $63.59, a 536% gain from the $9.99 price recorded at the beginning of the year, while SOL/BTC is trading at $0.00142.
Turning to Bitcoin (BTC), Bluntz says the flagship crypto asset is on the rise and could reach a price around $90,000 once a five-wave formation is completed.
BTC is truly going parabolic right now. It has all the features of Wave-3.
The trader also notes that the top crypto asset by market cap appears to be narrative evidence on a macroeconomic scale.
The best part about BTC is that it has a truly bullish narrative, no matter what happens from a macro perspective. Interest rate reduction in 24? No worries, BTC is rising because it is a risky asset. More interest rate increases in 24 months? No worries, BTC goes up because it’s deflationary, ultra-hard money, flight to quality, digital gold, blah blah blah.
Koinfinans.com As we reported, Bitcoin is trading at $43,930 at the time of writing and has made a partial gain in the last 24 hours.