In 2018, known for predicting the bottom of Bitcoin‘s (BTC) price and his forecast coming true, cryptocurrency analyst Bluntz expects a significant rally for the smart contract platform Sui (SUI), a competitor to Solana (SOL). The analyst suggested that there appears to be a steep rally ahead for the altcoin.
Sui’s SUI on Analyst Bluntz’s Radar
The anonymous cryptocurrency analyst Bluntz told his followers on the social media platform X (formerly Twitter) that the native asset of the smart contract platform Sui, SUI, gives the impression that it can make a strong and powerful rally after breaking out of its consolidation range. Sharing a chart that suggests SUI can rise over 122% from current prices, the analyst added the following note:
The SUI/USD trading pair has been consolidating for months. However, the SUI/BTC trading pair is still consolidating. I think this will start to rise parabolically soon. It is still too early for such a rise, but it won’t be long.
The basis of Bluntz’s rally prediction is the advanced technical analysis method known as the Elliott Wave Theory, which tries to predict future price movements by following crowd psychology that tends to manifest in waves. According to this theory, an asset in an uptrend is inclined to make a rally in five waves.
Looking at the analyst’s shared price chart, it is seen that he predicts SUI to climb up to $1.40 before completing its five-wave uptrend. At the time this article was prepared, SUI was trading at $0.6233, still pricing above the consolidation area indicated by Bluntz.
According to Analyst, AVAX Follows in the Footsteps of SOL
Following SUI, Bluntz looked at Avalanche (AVAX), which has risen up to 100% in the last month, and mentioned that the popular altcoin Solana could be following AVAX’s lead. Commenting on SOL, the analyst said:
SOL is currently trying to catch up with AVAX and is slightly behind. Both have the same structure, but AVAX is moving more sharply and quickly. The Avalanche price chart offers a good perspective for the future of SOL.
