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Leading crypto analyst and trader known as Bluntz has reiterated his expectation for the continued rise of altcoin king Ethereum’s (ETH) strongest competitor, Solana (SOL). The analyst also shared his forecast for Bitcoin (BTC) and the Layer 2 network Sei (SEI).
Solana and Bitcoin Analysis
Crypto analyst and trader Bluntz, from his personal account on social media platform X, told followers that Solana has maintained its upward potential despite a tenfold increase since September 2023. According to the analyst, SOL‘s recent breakout from a rising channel indicates that the momentum for reaching an all-time high is gaining strength.
At the time of writing, SOL is trading at $190.34, up 5% in the last 24 hours. Despite being close to its all-time high of $259.96 in November 2021, Bluntz believes SOL has more room to grow, especially considering its strong performance against both Bitcoin (SOL/BTC) and Ethereum (SOL/ETH).
Bluntz also used the Elliott Wave theory to predict the price movement of Bitcoin, suggesting that the largest cryptocurrency would rise to around $80,000 after recently dropping to the $60,000 level. According to the Elliott Wave theory, the price trend of an asset moves within a five-wave model, and corrections occur in a three-wave ABC model. Analyzing Bitcoin on an hourly chart, Bluntz added that the ABC model has completed, potentially paving the way for a five-wave rise.
BTC is currently trading at $68,262, down 3.7% in the last 24 hours. Despite the recent pullback, Bluntz remains optimistic about the future performance of the largest cryptocurrency.
Bluntz Anticipates Major Breakout for SEI
Finally, looking at the native asset SEI of the Layer 1 network Sei, Bluntz pointed to a potential price target of $1.60 for the altcoin. The analyst emphasized that the altcoin is ready for a breakout in a five-wave formation.
Sei is currently trading at $1.06, up a notable 24% in the last 24 hours. While Bluntz acknowledges SEI’s slow progress throughout the week, he believes the altcoin is poised to gain momentum and is ready for an upward surge.
