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In the cryptocurrency market, analyst Bluntz indicated that Solana 
$135, a competitor to Ethereum 
$1,609, is showing significant recovery signals after experiencing a value drop. In his analysis, Bluntz pointed out that the positive divergence observed in Solana’s daily chart signals strengthening buying momentum. He also emphasized that the asset has lost 64% of its value during this decline, making the chart formations worth monitoring for investors.
Rising Signal
Bluntz noted the presence of a positive divergence formation in Solana’s daily chart, suggesting an increase in buying pressure. This technical indicator reveals that although the asset’s price has declined, investors may still be inclined to buy.
Importantly, this signal emerged before the tariff news, as SOL Coin gained 13% from its low points and returned to the $120 threshold.
SOL/BTC Commentary
The analyst proposed that Solana may outperform Bitcoin 
$84,918 in the market recovery phases. His weekly chart analysis showed that the SOL/BTC pair has completed its ABC correction, indicating a potential approach towards local low levels.
Bluntz: “I started a buying process for recovery names today. Positive divergence was observed in SOL, HYPE, and similar assets. I don’t characterize this as a bottom, but I believe significant recoveries are likely to occur.”
In his technical analysis using the Elliott Wave theory, the analyst suggested that a five-wave upward movement could occur following the ABC correction. This approach provides intriguing clues about the asset’s future movements. Currently, it seems he has profited from his purchases as his pre-recovery predictions have proven accurate.
According to data during the analysis, the SOL/BTC pair was hovering around 0.00139 BTC, which corresponds to approximately $105. This figure can be considered as an indicator supporting the analyst’s graphical evaluations.
Overall, the analyst’s approach appears to offer additional data in interpreting market trends. The technical indicators monitored can assist investors in identifying buying potential; however, conducting detailed research remains crucial.
