Bluntz, known as an influential analyst in the cryptocurrency market, believes that Solana (SOL), which is referred to as an Ethereum rival, has a significant upward potential. Bluntz, known for his analysis, announced that Solana has completed the ABC correction wave and now expects it to start a new five-wave rally with a gain potential of approximately 50%.
According to Bluntz’s prediction, the popular altcoin has recently successfully broken out of the downward breakout range, confirming its potential to rise to the $150 level. At this point, the analyst says that the market is getting ready to break out of the bear trend and start to rise, and price levels above $150 are now gaining strength. states.
“SOL has escaped the downside breakout range, a rise to $150 is now fundamentally confirmed. “The bears are about to learn the true meaning of pain.”
The analyst benefited from the Elliott Wave theory in this remarkable prediction. This theory is a method of technical analysis that attempts to predict future price movements by analyzing price movements in specific waves. The theory is that a bullish asset usually goes through an ABC correction before initiating a five-wave upward move.
At press time, Solana was trading at $103.
SOL is not the only altcoin on the analyst’s radar. Bluntz is also keeping a close eye on the local presence of Moonriver (MOVR), a parachain built on Kusama (KSM). According to Bluntz, MOVR is also trending upward after ABC completes its correction move.
“MOVR looks great here, doing great without anyone noticing.”
Bluntz had previously predicted that MOVR could rise as high as $50. The altcoin is trading at $23.37 at press time.
You can follow the current price movement here.