While the active days in the cryptocurrency market continue, Bluntz, a remarkable analyst, attracted the attention of investors with his comprehensive analysis on an altcoin known as Solana (SOL) rival. The analyst predicted that SUI could experience a steep rise in the future and supported his claim with charts and analytical data. Details are in our news…
According to Bluntz’s analysis, with SUI exceeding its accumulation range, many investors in the market have their eyes focused on this altcoin. The analyst claims that SUI will experience a value gain of over 122% and supports this expectation with the chart he shared.
“There was a break in the month-long accumulation range in the SUI/USD trading pair. However, the BTC trading pair is still within the accumulation range. Despite this, I think SUI will enter a parabolic uptrend.
“It’s still very early in this regard, but it won’t be long before it happens.”
NEWS CONTINUES BELOW
One of the elements that form the basis of the analysis is the Elliott Wave theory. According to Elliot Wave Theory, when an asset is in an uptrend, price action follows a five-wave pattern, where the first, third, and fifth waves are upward movements, while the second and fourth waves are usually periods of consolidation. Bluntz’s chart-based analysis appears to predict that SUI could rise as high as $1.40 before completing its five-wave rise.
At the time of this writing, the value of SUI is $0.63, which is still above the investor’s savings range.
As for Solana, Bluntz said the popular altcoin will follow in the footsteps of Avalanche (AVAX), which is up over 90% this month. thinks.
“AVAX is well and truly catching up now and beating SOL by a mile but they both have the same structures but AVAX moves harder and faster.”
You can follow the current price movement here.