The cryptocurrency analyst known for accurately predicting the bottom of Bitcoin‘s (BTC) 2018 bear market, Bluntz, continues to anticipate a rise in Solana (SOL) despite the recent sharp decline. The analyst expects at least a twofold increase in the altcoin, which has seen its price increase more than twelvefold since the beginning of the year.
The Quick Recovery of Solana Catches the Analyst’s Eye
The anonymous cryptocurrency analyst Bluntz highlighted to his followers on social media platform X (formerly known as Twitter) that Solana’s SOL was the fastest to recover among the highest volume altcoins after pulling back to its lowest level in 24 hours at $68.06. The analyst noted “Surprise, surprise,” stating that SOL was the fastest to bounce back among the top 10 cryptocurrencies.
According to the experienced cryptocurrency analyst, the correction shook out over-leveraged traders and ejected them from the market, placing SOL and the rest of the cryptocurrency market in a position to close the week on a high note:
All open interest was wiped out with the sharp drop following the weekly close. Such an event was necessary. I think we’ll close this week on a high.
Expecting SOL to Surpass $150
Taking a closer look at SOL, Bluntz mentioned that the altcoin’s uptrend is far from over. The analyst shared a chart showing SOL reaching $150 and added the following note:
I believe this leg of SOL below $51 will be the biggest rally phase we’ve seen so far. I won’t even start to explain how I saw this from the bottom, you wouldn’t believe me. I think there’s still plenty of fuel in the tank for a rise.
At the time of writing this article, SOL is trading at $70.94, up 1.88% in the last 24 hours. The price of the altcoin reaching the target level indicated by the analyst means an approximate 100% increase, in other words, a twofold rise.
