The analyst nicknamed Bluntz, who is known for correctly predicting the Bitcoin bear market in 2018, solana He predicted that there would be a decline. The analyst noted that Solana gave multiple bearish signals on the daily chart after rising to a seven-day high of $106.
According to the analyst, Solana could lose more than 10% from its current level before making a bottom and starting the uptrend.
The HTF (high time frame) structure still looks great but don’t be surprised if we pull back to $80 here.
The analyst applies Elliott Wave theory. This theory is a technical analysis approach that attempts to predict future price movements by following crowd psychology, which tends to manifest in waves. According to theory, a bullish asset goes through a five-wave rise before entering a three-wave correction period.
Looking at the analyst’s chart, SOL has completed a five-wave rally. In this context, he suggests that it is currently in a three-wave retreat process.
The analyst also notes that yesterday’s daily candle resembled a swing failure pattern where SOL bulls attempted to push prices higher but were rejected by selling pressure.
At the time of writing, SOL is worth $100, down more than 6% from yesterday’s high of $106.14.
Crypto strategist also rival of Solana SeiHe also examined the movements of (SEI). According to Bluntz, SEI completed an ABC correction on the four-hour chart and is now poised for a major swing.
Koinfinans.com As we reported, SEI is trading at $0.692 at the time of writing this news.
Finally Bluntz, meme coin dogwifhat He predicts rallies for (WIF). The analyst thinks WIF’s consolidation is over and it is ready for big bursts on the upside.
At the time of writing, WIF is trading at $0.282. The analyst meme points to an upside potential of around 400% if the coin reaches its $1.40 target.