The anonymous cryptocurrency analyst Bluntz, who previously predicted the bottom levels of Bitcoin (BTC) during the 2018 bear market, has made a bold prediction for 2023’s trending altcoin, Solana (SOL). The analyst believes SOL is poised for a steep upward movement.
Round Bottom Formation Suggests Uptrend for Solana’s SOL
Anonymous cryptocurrency analyst Bluntz told his followers on social media platform X that Solana appears to be forming a bullish reversal pattern on the hourly chart. According to the analyst, SOL should consolidate a bit before starting a parabolic rally:
There is a nice round bottom formation in SOL. It wouldn’t be surprising to see some horizontal consolidation on a higher time frame before the next mind-blowing parabolic leg.
With Solana currently trading well above its formation support, Bluntz underlined his expectation for a short-term rally in the fifth-largest altcoin by market value, stating, “SOL has made a nice move from the lowest levels so far. It will soon move towards new highs.”
Attention Drawn to SEI and LDO
Following Solana, Bluntz turned his attention to the new Layer 1 Blockchain, Sei (SEI), which after rallying about 400% in just a few months, has emerged as one of the fastest runners of this cycle. He commented, “SEI is quickly becoming the best-performing asset of this cycle. It should definitely be on everyone’s radar for pullbacks in 2024.”
The last altcoin on the investor’s radar is Lido DAO (LDO), a cryptocurrency project aiming to allow users to stake Ethereum (ETH) without locking up assets or maintaining infrastructure. According to the analyst, LDO is showing a bullish signal in Bitcoin trading parity (LDO/BTC) and looks ready for a significant breakout in US dollar trading parity:
I have a love/hate relationship with LDO, but I think it’s finally breaking out for price discovery. There’s also a weekly bullish breakout in BTC trading parity.