The cryptocurrency market began to lose blood after the Fed pushed back on early interest rate cuts. Leading crypto Bitcoin is struggling to stay above $42,000. However, some altcoins are witnessing sharp selling. In this environment, a crypto analyst who correctly identified Bitcoin’s price floor during the bear market in 2018 suddenly became bearish on Solana. On the other hand, the analyst expects strong increases for 2 altcoins.
Analyst predicts more than 10% decline for SOL
cryptokoin.comAs you follow from , the mood in the market has suddenly changed. While trying to catch a new upward momentum, it saw sales after the Fed’s interest rate decision. One of the tokens that declined was Solana. The veteran analyst, pseudonymous Bluntz, says Solana showed multiple bearish signals on the daily chart after rising to a seven-day high of $106. According to the analyst, Solana will lose more than 10% of its value from current levels before making a bottom and restarting the uptrend. In this context, Bluntz makes the following statement for the altcoin:
A five-wave uptrend can be seen on the daily for SOL and there is a bearish SFP (swing failure pattern). The HTF (high timeframe) structure still looks great. But don’t be surprised if we retreat to $80 here.
In his analysis, Bluntz applies Elliott Wave theory, an approach to 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 rise before entering a three-wave correction period. Based on its chart, the analyst predicts that SOL has completed a five-wave rally. Now it is in a three-wave retreat process. Bluntz also notes that yesterday’s daily candle resembled a swing failure pattern where SOL bulls attempted to push prices higher but were rebuffed by selling pressure. Meanwhile, at the time of writing, SOL was trading at $96.5, down 4.9% on a daily basis. However, the altcoin is up over 12% on its weekly chart.
Bluntz sets $1 target for SEI
The crypto analyst is also looking at the price action of Solana’s rival Sei (SEI). SEI completed an ABC correction on the four-hour chart, according to Bluntz. Now SEI is preparing for a major surge. In this regard, the analyst said, “SEI has been accumulating vertically for a week. Send it quickly for 1 dollar.” says.
Meanwhile, at the time of writing, SEI was trading at $0.6378, down 9.6% on a daily basis. However, the altcoin saw a 6.56% increase on its weekly chart.
Analyst predicts rallies for this altcoin!
Finally, Bluntz predicts rallies for meme coin dogwifhat (WIF). The analyst suggests that the WIF price consolidation is over. Therefore, he predicts that it is ready for big explosions on the upside. “Imagine if you didn’t think the WIF trade was over and it was going up and to the right,” the analyst said. says.
Meanwhile, at the time of writing, WIF was trading at $0.2303, losing 14.74% on a daily basis. Moreover, the altcoin saw a decline of approximately 35% on its weekly chart. Reaching the analyst’s target of $1.40 would mean approximately 7X for WIF.
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