The cryptocurrency market has shown great interest and growth in the past few days. This rapid growth has caused investors and analysts to become very excited about the future of cryptocurrencies. In this context, there is a strong belief that the popular altcoin Solana (SOL) may be ahead of leading digital assets such as Ethereum (ETH) and Bitcoin (BTC). A striking view on this subject comes from analyst Bluntz. came.
Bluntz has great optimism that SOL could become the golden child of the cryptocurrency world. According to Bluntz, Solana (SOL) is on the verge of a major breakout and could outperform other cryptocurrencies. Emphasizing that SOL is one of his favorite “altcoin choices”, Bluntz states that this altcoin is ready to show a strong performance not only against the USD, but also against other cryptocurrencies such as Bitcoin (SOL / BTC) and Ethereum (SOL / ETH). .
$left still one of my favorite alt picks right now.
structure on USD pair looks very much impulsive and like an extended wave 3 is underway and its btc and eth pair also still look like they are on the cusp of high timeframe accumulation breakouts pic.twitter.com/5ETKKUvQjL
NEWS CONTINUES BELOW— Bluntz (@Bluntz_Capital) October 26, 2023
As can be seen, the technical analysis behind Bluntz’s predictions is based on Elliot Wave Theory. This theory is used to arrive at future price predictions by analyzing price movements in the form of wave patterns. After reviewing SOL’s technical charts, Bluntz suggests that SOL is in the midst of a five-wave upward momentum that could approach a $47 range. This means SOL’s value could rise rapidly.
When asked why he is so focused on Solana, Bluntz says he is confident SOL will outperform BTC and ETH in the near future.
Apart from SOL, the analyst also announced his predictions about the leading cryptocurrency Bitcoin. According to the analyst, a drop in BTC price to $32,000 seems unlikely. The analyst predicts that BTC will create another upward momentum after consolidation in the bullish triangle formation.
“BTC’s acceptance at these levels after the strong breakout of $32,000 indicates bullishness in my opinion.
I don’t think we will ever retest $32,000, too many people missed the move and want this retest to happen and I don’t think the market will give it to them. “I predict this will probably turn into a triangle and move higher.”
At press time, the leading cryptocurrency is trading at $34,079.
You can follow the current price movement here.