Although the cryptocurrency market started the day negatively, it started to rise again with the positive atmosphere in the afternoon. Leading crypto Bitcoin surpassed $44,000 following news of ETF approval. Even though it later falls below this level, it continues to show strength. Moreover, there has been a change at the forefront of the market. Solana finally managed to convert XRP. Amid these developments, a cryptocurrency analyst with a large following is predicting a 40 percent run for an Ethereum-based altcoin. Besides this, he expects more from Solana.
Analyst expects a 40 percent move for this altcoin
cryptokoin.comAs you can follow from , the weather in the market has suddenly changed. While it was progressing in red, it suddenly turned green with some positive signals. A crypto analyst nicknamed Bluntz, who correctly predicted the bottom of the Bitcoin bear market in 2018, is bullish on Chainlink, an altcoin that runs on the Ethereum network. The analyst notes that LINK has given multiple bullish signals on the eight-hour chart. Based on this, Bluntz predicts that LINK will rise to a level it last saw in January 2022. In this context, the analyst makes the following statement:
OK LINK swept $13.9 one last time and pulled down the fifth wave for C. It also made a nice high time frame bullish divergence. I believe this is now a major fourth wave. $20 is on the way, RIP to everyone who surrenders (rest in peace!).
Bluntz uses Elliott Wave theory, a method of technical analysis 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 rally, with each wave having its own sub-waves. At the time of this writing, LINK was trading at $14.57. Bluntz reaching his target indicates an increase of over 37% for the altcoin.
Bluntz predicts steep rallies for Solana
The analyst next looks at smart contract platform Solana (SOL). Bluntz says the altcoin is preparing for a breakout against Bitcoin (SOL/BTC). He also notes that the US dollar parity will likely see steep rallies. In this context, the analyst shares the following assessment for the altcoin:
SOL/BTC is trying to break out of this latest bull flag after a few days of rest. Once this 37-day range is broken, the SOL will gigasend. It will probably be the steepest leg ever. Don’t listen to bear posters, they hate money.
At the time of writing, Solana was trading at $81.58, up 12.2% on a daily basis. SOL appears to have moved in line with the analyst’s prediction. In its last move, the altcoin ranked 5th by turning Ripple (XRP) in front of it.
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