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A top-tier crypto currency analyst has suggested that a leading smart contract platform Ethereum’s competitor might be preparing the ground for another explosive upward movement. Senior crypto analyst Bluntz told his followers on social media platform X that Solana (SOL) appears to be in the middle of an ABC correction model.
Anticipation of a Rise in SOL
Bluntz uses the Elliott Wave theory in his technical analysis. The theory attempts to predict future price movements by following the crowd psychology that tends to emerge in waves. According to the theory, a token showing an upward trend tends to witness an ABC correction wave before triggering the next rise. The senior analyst stated the following:
I love seeing the obituaries of SOL. I can’t wait to see the 20 million protected tweets vaguely implying they called it when SOL returned to $140.
Solana was trading at $104.42 when the article was written, after starting the year trading below $10.
“Peaks to Come in Solana!”
The analyst maintained his bullish expectation for Solana, even as SOL began to fall from its recent high of about $124. While SOL retraced to $113, the analyst predicted that SOL would eventually reach new local peaks. However, it later temporarily dropped below $100. The senior crypto analyst said:
In my view, with a few more legs to continue in the BTC and USD pair, there’s a nice little 12% dip in SOL in a monster uptrend.
The expert also suggested that ETH layer-2 scaling solution Arbitrum (ARB) is set to rise after its ABC correction wave, concluding with the following statement:
ARB looks fantastic here. In fact, many charts are doing this right now. We’ve come back a lot.
Arbitrum was trading at $1.44, down 10.5% in the last 24 hours when the article was written.
