Bluntz, a widely followed cryptocurrency analyst, is predicting further upside for an altcoin that has risen by triple digits in the last few months. The altcoin that caught Bluntz’s attention is SEI, the native token of the layer-1 blockchain Sei.
According to Bluntz’s analysis, SEI could rise by around 152% from the current level depending on the price action of the popular cryptocurrency Bitcoin (BTC). The analyst makes this prediction based on technical analysis and market trends.
According to Bluntz, SEI is about to complete its consolidation process and may then enter an upward trend. However, what caught Bluntz’s attention is the performance of the SEI/BTC pair. Analysis of this trading pair indicates the potential for SEI to reach higher levels. Bluntz notes that a $2 target is on the cards after checking out the SEI/BTC pair.
“SEI continues to consolidate after the breakout, I thought the $1 psychological level on SEI was a good target. Now after checking SEI/BTC I think $2 is not out of the question.”
NEWS CONTINUES BELOW
According to the analyst’s chart, the SEI dollar trading pair appears to have broken out of the descending trend line on the one-hour chart. The SEI/BTC pair appears to have completed a three-wave pattern within a larger five-wave pattern.
Bluntz seems to have used Elliott Wave theory in this analysis. Elliott Wave theory is a popular technical analysis approach that analyzes price movements through specific wave patterns. The five-wave structure generally indicates that an asset is in an uptrend and usually results in a strong price increase.
According to theory, a bullish asset goes through a five-wave process, where the first, third and fifth waves are periods of rapid price acceleration. The theory also holds that each major wave consists of movements of three smaller waves (ABCs), known as sub-waves.
SEI is trading at $0.794, up nearly 426% from the price of $0.151 recorded on November 15, 2023.
Another altcoin on Bluntz’s radar is Solana (SOL). Analyst SOL could rise by around 30% from current level depending on Bitcoin price action says.
“SOL/BTC is shaping up very nicely here. “SOL will break $150 in my opinion.”
Solana is trading at $115 at the time of writing.
You can follow the current price movement here.
