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Investors closely follow the anonymous crypto analyst Bluntz, who has changed his stance on the leading altcoin Solana (SOL), indicating he now expects a downturn. The analyst also analyzed Sei (SEI) and Dogwifhat (WIF), predicting a significant rise for both altcoins.
Expecting a Drop in Solana
The anonymous crypto analyst Bluntz told his followers on social media platform X that Solana showed multiple bearish signals on the daily chart after reaching the highest level of the last seven days at $106. According to Bluntz, Solana could lose over 10% from its current levels before making a bottom and starting a new uptrend. The analyst emphasized that SOL is showing bearish signals in the short term, but still looks great in the long term.
The analyst’s bearish forecast is based on the Elliott Wave theory, a technical analysis approach that tries to predict future price movements by following the crowd psychology that tends to move in waves. According to the theory, an asset that has started to rise goes through a five-wave increase before entering a three-wave correction period. Looking at Bluntz’s chart, it appears that SOL has completed a five-wave rally and is currently in a three-wave pullback process.
Bluntz also noted that yesterday’s daily candle resembled a swing failure formation where SOL bulls tried to push the price up but were rejected by selling pressure.
Analyst’s Comments on SEI and WIF
On the other hand, Bluntz also analyzed Sei, which is seen as a competitor to Solana. According to the analyst, SEI has completed an ABC correction on the four-hour chart and is now gearing up for a major surge, potentially rising quickly to $1.
Finally, looking at the Solana-based memecoin Dogwifhat’s WIF, the analyst expects a rally. Bluntz stated that WIF has completed its consolidation process and is ready for a major breakout upwards, towards a target of $1.40, which corresponds to a 400% increase from current prices.
