Crypto analyst Bluntz, who accurately predicted Bitcoin‘s bottom in 2018, recently made important statements that would excite investors about the price of Solana (SOL) in X.
Solana Coin Reviews
Bluntz had made important predictions about Bitcoin in the past. Looking back, his 2018 prediction of a $3,000 bear market bottom was a definitive price prediction for Bitcoin. In his latest analysis, he predicted that SOL will continue to outperform Bitcoin (BTC), the pioneer of cryptocurrencies.
Bluntz, who appears to have full confidence in SOL and has no doubt that it will rise again, emphasized that the SOL/USD chart he analyzed is very important. According to the chart he analyzed, he also added that the indicators signal a new 40% rise.
Bluntz’s price prediction is based on Elliot’s wave theory. This theory is built around the appearance of repeating fractal wave patterns. Fractal wave patterns are formed around the psychology of participants.
For understanding, the Elliott wave theory emerged in the mid-1930s. Elliot accurately predicted the stock market’s bottom in 1935 after a 13-month correction, and its application gained meaning afterwards.
Elliot’s wave theory is based on a 5-wave movement. Five waves, which can move in an upward or downward direction under the leadership of three corrective waves, need to be formed. Understanding and analyzing these waves is of great importance in predicting the prices of cryptocurrencies.
Solana (SOL) How Many Dollars?
At the beginning of 2023, Solana accompanied other altcoins with the rise of Bitcoin and hosted striking market movements. Despite this, it left behind Bitcoin and many other altcoins in terms of price rise and achieved incredible growth.
According to data obtained from CoinGecko, SOL had an extraordinary 464% increase in value since the beginning of 2023. In addition, just last month alone, there was an impressive 74.8% increase in the SOL price. It was trading at $71.32 with a 1% price drop in the last 24 hours.
Considering its market value, Solana (SOL) is the sixth largest crypto project. The altcoin, which has a market cap of approximately $31 billion, also generates a trading volume of approximately $3 billion in 24 hours.
In particular, the incredible movement in Solana’s DeFi ecosystem, coupled with the contribution of increasing real-world applications, places it in a more attractive position. This situation places Solana among the top projects in the DeFi field.
Disclaimer: The information contained in this article is not investment advice. Investors should be aware that cryptocurrencies carry risk due to their high volatility and should conduct their transactions based on their own research.
