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Prominent crypto analyst and trader, Bluntz, expects the price of Solana (SOL), a top-10 altcoin, to double amidst the current upswing in the overall cryptocurrency market.
Bluntz Points to Solana (SOL) with “I Rarely Say Such Things”
Bluntz, a widely followed crypto analyst and trader, remarked that he’s favorably observing Solana, often touted as a strong contender to Ethereum (ETH), following its completion of the Elliott Wave Theory’s three-wave correction model and a robust bounce from a solid support level. According to the Elliott Wave Theory, an asset’s primary price trend occurs in a five-wave model, and the price correction occurs in a three-wave model.
Speaking about SOL, Bluntz stated, “One of the altcoins I like here is SOL. It had a strong reaction from a robust support level and has completed a clean three-wave downward move on higher time frames. I believe it has a potential upside of 100%, and I rarely say such things.”
At the time of this report, SOL has seen a 3.60% increase in the last 24 hours, trading at $17.35. According to the analyst, SOL will reach its short-term peak with a rise surpassing $32 from its current price levels.
“Bitcoin’s Daily Chart Signals Uptrend”
After examining Solana, Bluntz turns his attention to Bitcoin (BTC), stating that the daily price chart of the largest asset in the crypto market signals an uptrend. He noted, “There has been a nice break of the falling trend/bull flag formation in BTC’s daily price chart. I think it’s time to start taking risks again.”
Typically, a bull flag formation indicates a continuing upward trend following a price decrease. The leading cryptocurrency is currently trading at $30,214, having risen by 4.72% in the last 24 hours.
